Whoa! $2.5M Stolen From Arcadia Finance – What Are They Doing Over There?! 😳

by

So, here’s the scoop: Arcadia Finance—a decentralized lovely little DeFi platform on the Base blockchain—just got picked clean! Can you believe it? A cool $2.5 million in cryptocurrency, just gone! Poof! 💸

And how did this happen, you ask? Well, brace yourself. Our dear friend, the attacker, found a vulnerability in Arcadia’s Rebalancer contract. Yeah, and they thought, “Hey, why not exploit some arbitrary swapData parameters?” I mean, come on—who even thinks like that? They pulled off a swap, and in a flash, they drained the assets right from user vaults! Cyvers, the superhero of blockchain security, gave a little shout-out about it.

According to Cyvers—because we all trust them, right?—the exploit happened on a lovely Tuesday at… let me guess, 04:05:58 UTC. How precise! This genius deployed a malicious contract and, within a minute, voilà! The stolen tokens were traded for Wrapped Ethereum (WETH). And they made a sweet escape to the Ethereum mainnet. Just like that! Talk about a digital Houdini! 🎩✨

Now, if you think they left a breadcrumb trail back home, think again! All the looted funds found refuge behind shiny new intermediary addresses on Ethereum. You know what that means? They’re playing hide and seek—probably with DEX activity hiding around the corner. Nice try, Sherlock! 🕵️‍♂️

All Aboard the $2.5 Million Train! 🚂💰

Breakdown time! The culprits made off with approximately 2.3 million USDC (yep, that’s U.S. dollar coins, folks) and around 227,000 USDS. Simple math: $2.5 million lost, like my socks in the laundry! They ended up with 199 WETH and a staggering 965.8 million AERO tokens across 12 different addresses. Seriously? 965.8 million? That’s just flaunting it!

Cyvers had one piece of wisdom: blacklisting those pesky addresses on both Base and Ethereum. They also suggested notifying exchanges and squashing inbound transactions—because who wants more surprises, right? And they might even share this with law enforcement. Because, you know, hot tip! 👮‍♂️

On Tuesday, the Arcadia team confirmed the chaos, saying, “Hey, we know about the unauthorized transactions via a Rebalancer.” Great! Pinch me, I thought they were clueless! They urged users to revoke any permissions granted to those rebalancers—because apparently, that’s the magic fix. Nothing says “We’re on top of it” like a desperate plea for permissions, huh?

$2.47 Billion Swiped in 2025: A Record, or a New Normal? 🤔💔

Let’s not forget: the first half of 2025 wasn’t just a *little* hiccup. We’re talking more than $2.47 billion snatched due to hacks, scams, and other shenanigans. That’s a nearly 3% uptick over the $2.4 billion stolen in 2024. I mean, who could’ve seen that coming? OH WAIT—everyone! 🙄

The second quarter alone lost more than $800 million across 144 different incidents. Yeah, let that sink in! A 52% decrease in value lost, with fewer hacking incidents. So, there’s your silver lining: fewer hacks, more drama! CertiK reported this gem earlier this month, like they’re the personal trainers for crypto security. 🍾

And just for kicks, CryptoMoon reached out to Arcadia for their take on this mess. We’ll keep you posted, because who doesn’t want to hear their “We’re working on it” response? Get in line! 🚶‍♂️

Read More

2025-07-15 11:01