Arcadia Finance was attacked, losing approximately 2.5 million USD in cryptocurrency assets.
The attacker withdrew nearly 840 ETH and transferred this amount from the Base chain to the Ethereum network via a cross-chain bridge, according to a warning from PeckShieldAlert on July 15.
MAIN CONTENT
Arcadia Finance was attacked and lost 2.5 million USD in cryptocurrency.
The stolen amount is equivalent to 840 ETH.
The asset transfer transaction occurred on a cross-chain bridge from Base to Ethereum.
How was Arcadia Finance attacked?
According to a report from PeckShieldAlert on July 15, Arcadia Finance suffered a cyber attack that caused the platform to lose approximately 2.5 million USD in cryptocurrency assets. This was the result of a security vulnerability in the system.
Analysis from cybersecurity experts shows that the attacker exploited the cross-chain bridge mechanism, allowing the movement of assets between different blockchains, to steal and withdraw funds from this platform.
The attack on Arcadia Finance is a 'serious warning about cross-chain vulnerabilities, requiring platforms to enhance multi-layer security and conduct regular audits.'
Nguyen Minh Hoang, Blockchain Cybersecurity Expert, July 2024
What method did the attacker use to withdraw money?
The attacker transferred the stolen amount of about 840 ETH and used a cross-chain bridge to move assets from the Base chain to the Ethereum network. This is a popular trading channel that allows asset exchange between blockchains.
This conversion makes it easier for bad actors to circulate cryptocurrency assets to avoid being flagged and increase money laundering capabilities.
What is the impact of the attack on the market and users?
The attack not only caused significant asset loss for Arcadia Finance but also reduced investor and user trust in cross-chain platforms. According to a report in June 2024 by security firm CipherTrace, cross-chain attacks led to a 35% increase in global cryptocurrency losses compared to the previous year.
Users need to be cautious and choose reputable platforms with specialized security teams to mitigate the risk of losing money.
Cross-chain bridges are 'the biggest weakness after experiencing multiple continuous attacks on DeFi ecosystems.'
Le Huy Khanh, Technology Director, CyberSecure, June 2024
Real-life examples of similar attacks
In 2023, a major DeFi platform also lost over 5 million USD due to bad actors exploiting cross-chain vulnerabilities. Meanwhile, cryptocurrency attacks on bridges like Wormhole have caused losses of up to tens of millions of USD over the past two years.
This shows the urgent need for developing improved security solutions and enhancing transaction monitoring capabilities on exchanges and blockchain platforms.
Recommended measures to avoid similar risks
Experts recommend enhancing regular security audits, applying advanced encryption techniques, and implementing multi-layer transaction authentication. In particular, projects should establish real-time alert systems to detect unusual transactions.
Users should also prioritize using cold wallets and limit asset transfers on unverified cross-chain bridges.
Comparison table: Recent cross-chain cryptocurrency attacks
Platform Year Total Loss (USD) Attack Method Impact Arcadia Finance 2024 2.5 million Cross-chain bridge vulnerability Major DeFi platform 2023 5 million Exploited cross-chain bridge vulnerability Financial loss, reduced investor trust Wormhole 2022-2023 Tens of millions Protocol bridge exploit Operational disruption, causing significant losses
Frequently Asked Questions
How much damage did the Arcadia Finance attack cause? Approximately 2.5 million USD in cryptocurrency assets were stolen according to PeckShieldAlert. What method did the attacker use to transfer the money? They transferred about 840 ETH via a cross-chain bridge from Base to Ethereum. Are cross-chain bridges safe? Bridges are currently a common weakness, requiring strict security measures and continuous monitoring. How can users avoid losing money when using cross-chain? Prioritize cold wallets, choose reputable platforms, and avoid transferring assets on untrusted bridges. Who should be responsible for securing DeFi platforms? The development unit of the platform must conduct audits, enhance security, and alert for unusual transactions.
Source: https://tintucbitcoin.com/arcadiafi-thiet-hai-25-trieu-usd/
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