Orion Protocol is the latest decentralized finance (DeFi) protocol to suffer an exploit this year. On-chain sleuths have just released the post-mortem of the attack.
Orion Protocol was the victim of a reentrancy exploit on Feb. 2, resulting in the loss of around $3 million in ETH.
Furthermore, Orion CEO Alexey Koloskov clarified that the damage was contained to an internal broker account and that user funds remained safe.
Over the weekend, Rekt published a post-mortem of the attack, one of the largest of the year so far in terms of losses. It summarized the DeFi incursion
“The attacker used manipulated swaps of flash loaned stablecoins, artificially depositing the assets twice before withdrawing the inflated balance.”
By creating and using a fake token (ATK), the exploiter was then able to double their balance before making off with the stolen loot.
On Feb. 5, Orion’s co-founder said he was happy no users were affected…
