Another day, another DeFi hack. Arcadia Finance has reportedly been the victim of an exploit which allowed hackers to drain roughly $455,000.

Decentralised finance (DeFi) platform Arcadia Finance has reportedly become the latest victim of a hack. Blockchain investigating firm PeckShields reported the exploit and said it was due to “the lack of untrusted input validation.” 

#PeckShieldAlert Our community contributor has detected that @ArcadiaFi has been exploited on both #Ethereum and #Optimism for ~$455K

The exploiter on #Ethereum was frontrun by 0x5C75e94dD0Ab9c10BFd1B8073DafEF031D3c050dhttps://t.co/blGx5IEAkk

The exploiter on #optimism… pic.twitter.com/WDzF0XVcmL

— PeckShieldAlert (@PeckShieldAlert) July 10, 2023

PeckShields alerted about a code vulnerability that allowed a hacker to drain funds worth about $455,000 from Ethereum (darcWETH) and Optimism (darcUSDC) vaults. According to the firm, the code vulnerability lacked a validation mechanism to cross-check unverified inputs. It added, “There is a lack of reentrancy protection, which allows for the instant liquidation to bypass the internal vault health check.”

PeckShields also reported the exploiter transferred roughly 179 ETH by bridging 148 ETH and swapping 59,000 USDC to crypto mixer Tornado Cash.

Arcadia TVL Drops 76%

Following the hack, DeFiLlama reported that Arcadia’s Total Value Locked (TVL) dropped by a staggering 76%, from $605,000 to $145,000.

The exploit on Arcadia Finance comes only days after

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Author: Jana Serfontein

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