and drained of $455,000 worth of crypto. A preliminary report from blockchain security firm Peckshield stated that the attacker had used a “lack of untrusted input validation” in the app’s contracts to drain the funds. The Arcadia team had denied this, stating that Peckshield’s analysis was mistaken. However, the team did not explain what they thought the cause was at the time.
The attacker deposited the $103,210 into the vault, bringing the total funds to $123,882. They then withdrew all funds, leaving the vault with no assets and $103,210 in debt.
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