Arkadiko governance attack drains most vault collateral on Stacks, USDA depegs
- —About 2 million stSTX and 1.65 sBTC were withdrawn; final dollar loss not disclosed
- —Arkadiko TVL fell from $1.4 million to $141,600, a drop of about 90%
- —Team disabled the contract, paused governance and halted vault redemptions
- —Second known Arkadiko exploit after 400,000 STX was drained in 2021
Why it matters: The exploit shows on-chain governance itself can be an attack surface, undermining confidence in BTCFi lending and stablecoins on Stacks.
Source: The Crypto Times