Orion Protocol, an altcoin trading platform, seems to have suffered a hacking attack. While an attacker seizes millions of dollars of cryptocurrency; Orion’s altcoin, ORN, has lost value. Here are the details…
Altcoin platform under attack
According to cybersecurity firm Peckshield, crypto trading hub Orion Protocol is attempting to pause operations after an blatant attacker dumped millions of dollars worth of cryptocurrencies. PeckShield said in a Twitter message that Orion was the victim of a “re-login” attack, where an attacker repeatedly pulled money from the smart contract. Gal Sagie, CEO of cybersecurity company Hypernative, said the attacker used a fake token called ATK to manipulate Orion pools. Also, the hacker used a self-destructing smart contract.
“The protocol is paused as we speak,” Peckshield said in a Twitter message. The firm said it helped Orion. “The root cause has now been confirmed by the team and they are fixing the bug now,” the tweet read. Initial estimates from ten chain detectives suggest losses are $2.8 million in Orion’s Ethereum app and $200,000 in BSC app. So, the protocol lost about $3 million.
A wallet identified as the attacker’s wallet began switching to Ethereum tokens via privacy mixer Tornado Cash shortly after the incident. Andrew Kirk, Director of Marketing on Orion’s Telegram channel, told users that the protocol is reviewing reports of the issue. The price of Orion’s native token ORN has dropped from $1.05 to $0.94 in the last 24 hours. That is, it lost about 10 percent of its value. However, it managed to climb as high as $0.96 during the summer.
Recently, another hack came to the fore.
On the other hand, yesterday cryptocoin.com As we have also reported, another hack was on the agenda. Self-driving financial services provider BonqDAO suffered $120 million in losses after a hacker used its oracle to manipulate the price of AllianceBlock tokens. PeckShield revealed that BonqDAO’s oracle was manipulated and used to increase the price of AllianceBlock tokens. The exploiter achieved this by modifying the oracle’s updatePrice function in one of BonqDAO’s smart contracts.
According to PeckShield analysis, the project lost approximately $120 million due to the hack, which included 98.65 million BEUR tokens worth approximately $108 million and 113.8 million wrapped ALBT (wALBT) tokens worth approximately $11 million. In another tweet, BonqDAO’s official Twitter account confirmed the hack, explaining that an exploiter “increased the price of ALBT and printed large amounts of BEUR.” BEUR was later exchanged for other tokens on Uniswap. Then the price was reduced to almost zero.
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