Arcadia Finance has incurred approximately $2.5 million in losses following an exploit targeting its Rebalancer contract on the Base blockchain. The attacker manipulated arbitrary `swapData` parameters within the contract to execute unauthorized swaps, draining USDC and USDS stablecoins from the platform.
Blockchain security firm Cyvers confirmed the attack occurred at 04:05:58 UTC, with stolen funds comprising 2.3 million USDC and 227,000 USDS. The attacker converted the assets into 199 WETH and acquired 965.8 million AERO tokens before bridging the funds to the Ethereum network.
Arcadia Finance has implemented measures to prevent further losses. This incident contributes to a concerning industry trend, with over $2.47 billion lost to crypto hacks, scams, and exploits during the first half of 2025.