Arcadia Finance gets exploited by attackers and funds get stolen from the network. Arcadia's TVL gets impacted significantly.
Optimism network saw an uptick in activity; however, revenue continued to decline.
Arcadia Finance, a non-custodial protocol that supports on-chain cross-margin accounts, recently got exploited according to data from PeckShield. Arcadia Finance is a platform that allows its users to collateralize portfolios, access up to 10 times more capital, and interact with other protocols using their deposited collateral and borrowed funds. In this article, we’ll be looking into the attack and how it affected the Optimism network.
network. This amount was obtained through a combination of 148 ETH that was bridged from the Ethereum network and 59,000 USDC that was swapped. The destination of these funds was Tornado Cash, which is a decentralized privacy solution for cryptocurrencies. By transferring the funds to Tornado Cash, the exploiter likely aimed to obfuscate the transaction history and make it more difficult to trace the origin of the funds.
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