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“About $455,000 funds were withdrawn from Arcadia Finance's coffers in Ethereum and Optimism.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)”
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.”
*Not investment advice