The cryptocurrency platform Arcadia Finance has suffered an exploit that led to the theft of around $3.5 million. The breach was reported by Certik, a blockchain security firm.
Details of the Incident
According to Certik, the exploit occurred early Tuesday when suspicious transactions were detected on the Base network. "The exploiter took approximately $1.6 million from Arcadia Finance, likely through arbitrary 'swapdata' on its rebalancer contract," the firm posted on X. The amount was later updated to around $3.5 million.
Response from Arcadia Finance
Arcadia confirmed the incident in a separate post, urging users to revoke permissions for its asset managers. The platform also advised customers to disconnect rebalancer and compounder tools from their accounts.
Crypto Industry Situation
This incident highlights ongoing security issues within the crypto industry. According to Certik, $302 million was lost to hacks and scams across DeFi protocols in May, which is a decrease of nearly 17% from the previous month. Since the beginning of 2025, investors have lost $2.5 billion due to hacks and scams.
The exploit of Arcadia Finance underscores ongoing security challenges in the cryptocurrency world. Users are advised to take additional precautionary measures in the face of constant threats from attackers.
