Arcadia Finance Loses $2.5 Million in Crypto Hack
Arcadia Finance, a liquidity management platform for decentralized crypto exchanges, was exploited on July 15, resulting in a loss of approximately $2.5 million in crypto assets. The hackers targeted the platform’s rebalancer on the Base network, exploiting a vulnerability in its code.
Following the exploit, the Arcadia team swiftly responded by warning users on X, formerly Twitter, to remove permissions for their asset managers and deactivate active rebalancers to prevent further losses. This proactive measure aimed to mitigate the impact of the breach and protect user assets.
According to blockchain security firm PeckShield, Arcadia Finance lost about 840 Ethereum tokens, valued at roughly $2.5 million at current prices….
