Garden Finance hack: $5.5M–$10M stolen, 10% white-hat bounty
Garden Finance hack drained at least $5.5M from its cross-chain bridge on Arbitrum, Solana and other networks, with losses potentially reaching $10M. Attackers, suspected to be DPRK-linked group DangerousPassword, exploited a vulnerability to withdraw WETH, WBTC, cbBTC and SEED tokens and swap them through the MetaMask router. Garden Finance confirmed the exploit on-chain and offered a 10% white-hat bounty for fund recovery and vulnerability disclosure, but the hacker has not responded. On-chain analysis reveals up to 25% of bridge inflows came from past hacks (Swissborg, Bybit), highlighting persistent DeFi bridge risks. The exploit caused the SEED token to plunge 64% on Uniswap, from $0.536 to $0.19 before rebounding to $0.23, cutting its market cap to $2.5M. This event underscores the need for real-time monitoring, compliance and cross-chain bridge security. Traders should watch SEED liquidity, regulatory responses and security upgrades as the market adapts.
Bearish
The Garden Finance hack is bearish for the SEED token. The exploit wiped out significant liquidity and eroded trader confidence, triggering a sharp 64% price drop. Short-term, the market may see continued selling pressure as investors seek safer assets. Long-term, persistent concerns over cross-chain bridge security and the protocol’s track record with illicit flows could deter new entrants and hinder SEED’s recovery, keeping sentiment subdued until substantial security upgrades and compliance measures are in place.