Origin Restores OGN Liquidity After Pulling Funds During Binance Incident

Origin Protocol said on Oct. 31 that it had restored its onchain OGN liquidity after withdrawing funds on Ethereum and Base to limit a Binance attacker's ability to sell the token.

The team said the attacker nevertheless sold OGN at an average price approximately 79% below its reference market price while liquidity was thin. “Prices across the affected pools have since largely stabilized,” Origin said. The intervention reduced the funds available to buyers and sellers in those pools rather than preventing token transfers.

OGN's broader market price remained below its level before the withdrawal. CoinGecko data put it at about $0.02413 at 9:01 a.m. ET on Oct. 31, compared with $0.02570 at 2 p.m. ET on Oct. 29. Those aggregate market quotes are distinct from the execution prices in individual onchain pools.

Ethereum records show the scale of the liquidity withdrawal. A transaction at 5:56 p.m. ET on Oct. 29 removed about 46.74 million OGN and 499.76 Origin Ether, or OETH, from Curve's OGN/OETH pool into a multisignature wallet. Origin announced its precautionary withdrawal at 6:27 p.m. ET that day, citing reports of a potential Binance security incident involving wallets holding OGN.

Sales continued through other pools. In one transaction at 10:38 p.m. ET on Oct. 29, a wallet Etherscan labels “Binance Hot Wallet Exploiter 2” sold about 1.78 million OGN through Uniswap V2 for just 3.385 ETH. At Etherscan's historical ether price of $2,241.18, that represents roughly $0.0043 per OGN. CoinGecko's aggregate OGN quote at 11 p.m. ET was about $0.0210.

That execution illustrates the steep discounts available in the thin-liquidity market, but is a single trade, not the average across the attacker's sales. Origin did not specify the reference price or averaging window behind its 79% estimate.

Liquidity subsequently returned to the Curve pool from the same multisignature wallet that received the withdrawn assets. A deposit at 4:09 a.m. ET on Oct. 31 supplied 39.502 million OGN and 449.76 OETH. At the time of the checks, Etherscan showed the pool holding about 45.52 million OGN and 482.34 OETH.