There is no end to hacking incidents in the crypto money industry. In this context, the victim of the latest hack was DeFi platform Arcadia Finance.
PeckShield Alert shared on Twitter that a hacker took $455,000 from Arcadia Finance by exploiting a vulnerability in a code.
Exploiting this vulnerability, the hacker collectively pulled approximately $455,000 worth of funds from the Ethereum (darcWETH) and Optimism (darcUSDC) vaults on the platform.
“About $455,000 funds were withdrawn from Arcadia Finance's coffers in Ethereum and Optimism.
The hacker has already transferred 179.3 Ethereum to Tornado Cash. (148 ETH bridged and 59,000 USDC exchanged)”
#PeckShieldAlert Our community contributor has detected that @ArcadiaFi has been exploited on both #Ethereum and #Optimism for ~$455K
The exploiter on #Ethereum was frontrun by 0x5C75e94dD0Ab9c10BFd1B8073DafEF031D3c050dhttps://t.co/blGx5IEAkk
The exploiter on #optimism… pic.twitter.com/WDzF0XVcmL
— PeckShieldAlert (@PeckShieldAlert) July 10, 2023
About two hours after PeckShield shared the hack, Arcadia Finance confirmed the hack and announced that it is pausing contracts to prevent further withdrawals of funds.
“We are aware of the hacking incident in our protocol.
We have stopped contracts and are currently investigating the root cause with security experts.
We have contacted the attacker. We will continue to work with our security partners, law enforcement and the wider community to resolve this to the best of our ability. Our number one priority is to recover funds for Arcadia protocol users.”
We have initiated contact with the attacker. https://t.co/dh74gG90n6 https://t.co/O39Slsc1z5
We will continue to work with our security partners, law enforcement, and the broader community to resolve this as best we can. Our number one priority is recovering funds for Arcadia…
— Arcadia Finance (@ArcadiaFi) July 10, 2023
*Not investment advice
