Squid Hacked for $3.2M Less Than 24 Hours After Raising $6M…

Cross-chain routing protocol Squid lost approximately $3.2 million to a hack less than 24 hours after closing a $6 million funding round backed by Ripple. The exploit targeted a third-party Gnosis Safe module deployed across Base and Ethereum — not Squid's core protocol or contracts.

Squid was quick to clarify that all users and integrators are unaffected and no action is required on their end. The vulnerable surface was isolated to the Safe module, a common multi-sig infrastructure layer used across the broader DeFi ecosystem.

The timing is brutal: roughly half of the freshly raised capital was wiped out before the team could deploy it. The incident underscores the persistent smart-contract risk embedded in third-party infrastructure dependencies, even when a project's own code remains intact.