Funding Round · Ethereum · The Block
Squid recently announced it had raised $6 million in a strategic funding round led by North Island Ventures
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Cross-chain interoperability has long been one of the most difficult areas in crypto, with the sector experiencing multiple bridge exploits and security incidents over the years.
Key facts
- DeFi has logged more than $770 million in losses in 2026, with April alone setting a record of roughly 30 incidents and more than $630 million drained, The Block's data dashboard shows
- A third-party Gnosis Safe module was exploited across Ethereum and Base, draining approximately $3.2 million from 86 Safes in roughly two hours, security firms Blockaid and PeckShield reported
- Squid recently announced it had raised $6 million in a strategic funding round led by North Island Ventures, with Ripple, Dialectic, and Borderless also participating
- The attacker then removed liquidity from the pools and consolidated the proceeds into roughly 3.07 million DAI, now held in a wallet beginning "0xa447.54859," according to PeckShield
Summary
A third-party Gnosis Safe module was exploited across Ethereum and Base, draining approximately $3.2 million from 86 Safes in roughly two hours, security firms Blockaid and PeckShield reported. The vulnerable contract, verified on Basescan under the name "SquidRouterModule," was not built, deployed, or operated by the cross-chain protocol Squid. "The contract called SquidRouterModule is unrelated to Squid. The exploit worked because the module accepted a caller-supplied constant string as proof that a message was secure. Passing that string allowed an attacker to execute arbitrary calldata and spend any tokens held in the victim's Safes without signatures, according to Squid.