In the latest news development, DeFi Protocol Arcadia Finance has suffered an attack leading to the loss of hundreds of thousands of dollars.
Arcadia Finance is a non-custodial leveraged farming protocol designed to enable composable cross-margin accounts on-chain. With Arcadia, users can leverage up to 10x their initial collateral value and transact with other protocols using a single cross-margin account.
Arcadia Suffers From Code Vulnerabilities
Earlier today, July 10, blockchain intelligence firm PeckShield posted a security alert stating a hacker exploited Arcadia Finance on Ethereum and Optimism draining approximately $455,000 from the protocol.
PeckShield reported that the heist occurred due to the absence of “untrusted input validation” in the program code of Arcadia Finance, allowing the hacker to gain access to the DeFi protocol’s darcWETH and darUSDC wallets.
In addition, the security company also pointed out that Arcadia Finance suffered from a “lack of reentran
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