Non-custodial decentralized finance protocol, Arcadia Finance, is the latest victim of a $455,000 exploit that occurred on both the Ethereum and Optimism networks. Confirming the hack, Arcadia revealed that it is working with security partners to minimize the damage after pausing the contracts.
The firm highlighted another vulnerability in the DeFi protocol – “lack of reentrancy protection” – which enables instant liquidation to bypass the internal vault health check. The stolen funds from the Optimism network portion were washed on the controversial coin mixer, Tornado Cash. But the Ethereum portion of the stolen funds, worth over $103,000, continued to remain parked in aArcadia has not yet confirmed the validity of the root cause identified by PeckShield, but it said that an investigation is being carried out. The protocol’s latest“We will continue to work with our security partners, law enforcement, and the broader community to resolve this as best we can.
Arcadia is a non-custodial, permissionless protocol that was launched on Ethereum and Optimism in March this year. The platform essentially enables users to trade spot with leverage and boost staked ether.In the first of 2023 alone, Web3 security firm Beosin
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