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Binance to investigate attack on Orion protocol


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Popular crypto exchange, Binance has resolved to investigate and track the exploiter of Orion protocol, an open-source decentralized blockchain platform. This resolution was announced in a Twitter post about the incident by the CEO of the exchange, Changpeng Zhao. Although the CEO clarified that no Binance users or assets became affected by the said exploitation.

Recall that Orion protocol suffered a $3 million exploitation barely a day ago. According to a blockchain security firm, the protocol became a victim of a reentrancy attack. Reportedly, the exploiter repeatedly stole funds from its smart contract. According to Gal Sagie, CEO of a cybersecurity firm, Hypernative, the hacker deployed a fake token, identified as ATK to manipulate the Orion pools. Shortly after the attack, the hacker reportedly moved ether tokens through privacy mixer, identified as Tornado Cash.

Occasioned by the attack, Orion protocol paused operations on its network. The CEO of the open-source platform, Alexey Koloskov assured users that his team are now investigating the incident. Koloskov said the hack has nothing to do with the shortcomings in the core protocol code of the platform. According to the CEO, it might have been caused by a vulnerability in mixing third-party libraries in one of the smart contracts used by the protocol’s experimental and private brokers. But, he assured them of the safety of the funds on the protocol.

Binance security team to trail attacker of Orion protocol

Now, Changpeng Zhao said he has instructed the Binance security and monitoring team to track the address of the exploiter of Orion protocol. The CEO believes the attack of the protocol became possible owing to lack of re-login protection. Worthy of note that Binance has always been at the forefront of combating cyber exploitations rocking the crypto space. In recent times, the exchange trailed and froze some funds reportedly stolen by crypto exploiters.

Before the exploitation on Orion protocol, Binance had through its collaboration with Huobi, another crypto exchange, recovered $2.5 million stolen from Harmony Bridge. Recall that the bride suffered the exploitation in mid-2023, leading to a loss of $100 million in assets. Reportedly, the hackers made their loot in 11 different transactions in less than 20 minutes. Just recently, investigations indicted North Korean hacking team, Lazarus Group as the mastermind of the attack.

Also, in late 2022, Binance froze $3 million in assets moved to its CEX in connection to the exploitation of Ankr, a web3 infrastructure platform. Earlier, the protocol suffered a $5 million exploitation after its exploiter minted 20 trillion BNB (aBNBc) and dumped it on Pancakeswap. These thus justifies Binance’s commitment to fighting exploitations and thus raises hope of a possible recovery of funds stolen from Orion protocol.

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Dare Ibitoye
Dare Ibitoye
Over the years, Dare has been a committed reporter in the field of cryptocurrencies. He is also interested in researching about the innovative projects within the blockchain space. During his spare time, Dare loves to listen to music and read about technological trends in the contemporary world

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