A hacker exploited a code vulnerability. The decentralized finance (DeFi) protocol has drawn approximately $455,000 from Arcadia Finance. Here are the affected cryptocurrencies…
Cryptocurrency platform suffered a hack attack
Blockchain researcher PeckShield has warned of the attack on Arcadia Finance. He highlighted the reason for this as “lack of untrusted input validation.” The code is considered to lack a validation mechanism to cross-check unverified inputs. This loophole allowed the hacker to withdraw approximately $455,000 worth of funds from Ethereum (darcWETH) and Optimism (darcUSDC) vaults. Arcadia Finance confirmed that PeckShield was hacked two hours after its notification. Then the funds paused the contracts to prevent further attacks.
As investigations continue, Arcadia’s code harbors another vulnerability that could prove disastrous for the protocol if exploited. “Additionally, there is a lack of reentrancy protection that allows instant purge to bypass the internal vault health check,” PeckShield said. Most of the stolen funds were flushed from Optimism through around 180 Ethereum and Tornado Cash. However, tokens stolen in Ethereum are still at the suspicious wallet address. At the time of writing these are valued at over $103,000.
In the second quarter of 2023, hacks and exploits in the crypto space resulted in a cumulative loss of over $300 million. A report by blockchain security firm CertiK says a total of 212 security incidents were recorded in the quarter. It also showed that it resulted in a loss of $313,566,528 from Web3 protocols. CertiK found that crypto attacks decreased by 58% compared to Q2 data from the previous year. Among them, BNB Smart Chain recorded the most events with 119 events resulting in losses of $70,711,385.
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