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Orion Protocol Lost $3 Million in Cryptocurrency in an Exploit

Security

Anna Martynova
cryptonews.net 03 February 2023 14:17, UTC
  
Reading time: ~2 m

On February 2, the Orion Protocol trading platform was hacked and suspended. The attacker used a smart contract reentrance exploit, causing the platform to lose $3 million in cryptocurrency. PeckShield Alert team was the first to report suspicious activity on the platform.

The hacker took advantage of the so-called "reentrance bug". This exploit allows the attacker to access the DepositAsset feature by transferring tokens and then "pump" the balance without the real cost of the funds. For transactions, the criminal used a fake ATK token and a self-destructing smart contract. By manipulating the Orion Protocol pools, the hacker withdrew ETH and BSC for $2.8 million and $200,000, respectively. He immediately sent part of the stolen funds to the Tornado Cash mixer.

Alexey KOLOSKOV, CEO of Orion Protocol, told investors a few hours after the attack that all funds were safe. The price of the native Orion ORN token remained virtually unchanged after the attack. Over the past 24 hours, the price of ORN has risen nearly 14% to $1.03.

Image: Holochain Blog


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