The Rodeo Finance platform was hacked for $1.5 million
Date: 2023-07-13 Author: Karina Ziganova Categories: CRYPTO PAYMENTS, IN WORLD
The decentralized platform Rodeo Finance, based on the Arbitrum network, faced hacking due to oracle manipulation. This is reported by the PeckShield blockchain security service.
As a result of the attack, the decentralized finance (DeFi) platform lost about 810 Ether (ETH) worth approximately $1.5 million. After that, they exchanged tokens for others, after which they transferred all the money to ETH. The exploiter then staked the ETH. After that, the hacker sent the stolen money through the Tornado Cash cryptocurrency mixer to cover his tracks.
The hacker used the manipulation of the oracle of the time-weighted average price, which is used by DeFi protocols to calculate the average price of an asset over a certain period of time and mitigate price fluctuations due to market volatility.
The attacker's wallet address still contains more than 374 ETH, and Etherscan has flagged this address as being associated with the Rodeo exploit. The total locked value of the DeFi protocol (TVL) was $20 million, and after the exploit it fell below $500.
Earlier it became known about the problems of the Multichain project. The blockchain platform had previously faced a significant outflow of money — about $126 million. Later it turned out that unknown persons withdrew another $117 million. All of them leaked to the same address. However, the attacker has not yet transferred the money outside the wallet. He did not sell the assets or move them to a cryptocurrency mixer
In total, in the first half of 2023, the total value of cryptocurrencies lost as a result of scams, hacks and thefts amounted to $656 million, however, the total damage from hacks decreased significantly compared to last year. In 2022, it amounted to more than $1.9 billion, and analysts estimated that hackers returned about $215 million, which is 45.5% of the assets stolen during direct attacks.
