degen diaries - july 16 - arcadiafi

degen diaries - july 16 - arcadiafi

By degenny | degen diaries | 16 Jul 2026


ab30915cc01e8fdf1aba3e127bf31c5615486ff47e37629f41a2de28fd1a1ce3.png

woke up, checked my wallets, checked twitter, and yep. another one bit the dust.

arcadiafi got drained for $3.6 million on base and the way it happened is almost impressive.

some genius took out $1.5 billion in flash loans just to make their withdrawal look "healthy" enough to slip past the protocol's own checks.

the team actually caught weird activity early and hit pause, then unpaused a few hours later thinking it was nothing.

turns out that pause/unpause combo locked them into a cooldown. they couldn't pause again even when the real attack started at 4am utc.

four audits on this protocol. four. and not one of them flagged the exact function that got exploited.

one auditing firm even found the bug earlier and just... closed the ticket. 💀

funds got bridged out and scattered before anyone could blink. the full breakdown is a wild read if you like watching smart contracts eat themselves alive.

another day, another "audited" protocol getting rekt. i'm not even mad anymore, just tired 🚀

How do you rate this article?

7


degenny
degenny

crypto degen class of 21 🚀 nfts, memes & terrible decisions. the girl your mom warned you about (basically)


degen diaries
degen diaries

highlighting crypto scams, rugs, and hacks to keep my fellow degens safe. nobody else is standing up for us so im stepping to the plate!

Publish0x

Send a $0.01 microtip in crypto to the author, and earn yourself as you read!

20% to author / 80% to me.
We pay the tips from our rewards pool.