Arcadia Finance has suffered an exploit, with its losses reaching approximately $3.5 million as of Tuesday, according to the blockchain security firm Certik.
Certik initially flagged the exploit early Tuesday, posting to X: “We have detected multiple suspicious transactions on Base … The exploiter took ~$1.6 million from Arcadia Finance, likely through arbitrary ‘swapdata’ on its rebalancer contract.”
A few hours later, Certik then noted that the “attack” had persisted with total losses reaching roughly $3.5 million.
Arcadia’s team addressed the exploit with a post of its own to X, saying, “The team is aware of unauthorized transactions via a Rebalancer. Remove all permissions for asset managers.” The company also advised users on its website to “disconnect rebalancers and compounders” from their accounts.
Backed by Coinbase Ventures, Arcadia is a platform and margin protocol that “allows users to lend, borrow, and trade assets permissionlessly.”
Certik is one of the highest-profile web3 security firms working in the digital assets sector. Last month, Certik said crypto users and decentralized finance (DeFi) protocols lost $302 million to hacks and scammers in May, which was a 16.9% decrease when compared to the previous month.
Backed by firms like Sequoia Capital, Tiger Global and Goldman Sachs, Certik was valued at $2 billion as of last year.
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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