According to PeckShield, an online security firm, Arcadia Finance, a liquidity management layer on the Base network, has been added to the list of 2025 crypto hack victims. An exploiter hit the platform with a hack on Tuesday, stealing about $3.5 million.
#PeckShieldAlert @ArcadiaFi has been exploited, resulting in a loss of ~$2.5M in crypto. The exploiter has swapped the stolen funds for ~840 $ETH & bridged them from #Base to #Ethereum https://t.co/pOV82RR5YC pic.twitter.com/BKMvgaDiDI
— PeckShieldAlert (@PeckShieldAlert) July 15, 2025
After completing the first-stage operation, the hacker converted the stolen funds to Ethereum (ETH), obtaining approximately 840 units of the world’s second-largest cryptocurrency.
$3.5 Million Swept Off
Upon noticing the security breach, the Arcadia Finance team shared the exploit announcement on their official X social media, alerting users to the incident. The team revealed that the hack was from a rebalancer and asked users to terminate any connections with rebalancers on their accounts.
The team is aware of unauthorized transactions via a Rebalancer.
Remove all permissions for asset managers.
More information will follow.— Arcadia Finance (@ArcadiaFi) July 15, 2025
A few hours after the team’s announcement, CertiK Alert, another on-chain security firm, noted that the hacker had not paused operations. While the Arcadia Finance team sought a solution and a possible escape, the exploiter stole an additional $1 million and converted it to 319 ETH, resulting in a total loss of $3.5 million for the platform.
CertiK also revealed the hacker’s address as 0x0fa54E96…878615.
Crypto Hacks on the Rise Amid Market Pump
Similar to the Arcadia Finance hack, the GMX on-chain perpetuals platform and exchange exploit last week resulted in a massive $42 million loss for the project. Following the incident, the GMX team notified its users and disabled V1 trading and GLP transactions on Avalanche and Arbitrum, as those were the areas affected. Thus, the team stopped the hacker from carrying out other malicious activities while they investigated the hack and provided a solution.
Thankfully, the GMX hack was a one-of-a-kind incident. It offered a 10% bounty to the hacker in an attempt to recover the stolen. The hacker accepted the bounty and, after using the stolen funds to trade on the perpetuals market, returned $37.5 million to GMX. As a result, the GMX token, which dropped after the hack, saw an over 12% surge in value.
Meanwhile, Sui blockchain-based Cetus Protocol has yet to recover the $223 million it lost to a hack in May 2025, even after offering a $6 million bounty
