Cross-Chain Protocol Squid Attacked, Over $3 Million Stolen in Two Hours

BlockBeats News, May 25th, on-chain security firm Blockaid announced that it had detected a continuous attack on the SquidRouterModule on the Ethereum and Base Network. The attack occurred over about two hours, with 86 Gnosis Safe wallets being drained, resulting in a total loss of approximately $3 million.

The attacker then used a Uniswap V3 pool controlled by them to convert all the stolen assets to DAI. Blockaid stated that the investigation into the incident is still ongoing.

It is worth noting that Squid had just announced the completion of a $6 million funding round, led by North Island Ventures, with participation from Ripple, Dialectic, Borderless Capital, Scenius Capital, and other institutions, as well as support from project angel investors such as Axelar, Ledger, Polymer Labs, Enso, and Peanut.