•Binance CEO Changpeng Zhao stated that no Binance users or assets were affected by the Orion Protocol (ORN) $3 million hack.
•The hacker launched a reentrancy attack on Orion and withdrew funds from a smart contract severally.
•PeckShield identified the hack, developed a full report, and sent it to Orion Protocol before making a public announcement.
Binance Confirms No User Losses From Orion Protocol Hack
Binance CEO Changpeng Zhao recently confirmed that no Binance user or asset was affected by the February 2nd, 2023 Orion Protocol (ORN) hack which resulted in losses of approximately $3M. Re-login protection was lacking which enabled the hacker to launch a reentrancy attack on Orion and withdraw funds from a smart contract multiple times.
Cybersecurity Firm Identifies Hack
PeckShield, a cybersecurity firm, identified the hack and developed a full report from their observation before sending it to Orion Protocol and making a public announcement on Twitter. The company paused the protocol at the time of announcement as they had positively identified the root cause of the incident and were fixing the bug.
Sympathy For Those Who Incurred Losses
Surge DeFi sympathized with those who incurred losses in this incident while reiterating its commitment to promoting decentralized finance (DeFi) to avoid such incidents in future. DeFi is aimed at increasing safety for crypto investors by investing in less centralized protocols as opposed to traditional exchanges like Binance where user funds are susceptible to hacking attacks.
Reaction By CZ On PeckShield Tweet
CZ reacted positively to an earlier news release by PeckShield regarding this incident wherein he assured all Binance users that none of their assets were affected by this hack and that Binance Security team monitors all hacker addresses.
Conclusion
All Binance users can rest assured that their assets are safe from any potential hacks as CZ has confirmed that no user incurred any losses due to this incident. He also said that Binance’s security team is monitoring hackers‘ addresses diligently so as not to let similar occurrences happen again in future.