Rodeo Finance Exploited For $888,000 In Another DeFi Hack on Arbitrum Network

cryptonews.com:

Arbitrum Network-based Rodeo Finance lost 472 ether ($888,000) in a DeFi exploit today.

Blockchain security firm PeckShield revealed that the Rodeo Finance hacker transferred the stolen funds from Arbitrum to Ethereum.

Further analysis revealed that the attacker exchanged the stolen tokens for various other assets before converting them back to ether. 

Hackers once again used Oracle manipulation technique to alter price feeds and exploit the platform out of nearly one million dollars worth of crypto. 

Rodeo Finance exploit is another in a series of DeFi hacks that have happened recently. On July 9, DeFi platform Arcadia became victim of a hack when hackers leveraged a code vulnerability to steal nearly half a million dollars from the protocol’s Ethereum and Optimism vaults.

Once the hacker converted the stolen tokens to Ether, they then funneled those funds through the sanctioned crypto mixer Tornado Cash. A transaction mixer like Tornado Cash is used to obfuscate the fund’s trail. 

The Rodeo Finance team has not responded to the incident yet. Rodeo Finance token saw a major dip after the exploit as it dropped nearly 65% in an hour. 

This the third exploit on the Arbitrum Network in the last four months.

As reported earlier in April, Arbitrum-based Sentiment lost $1 million to a DeFi exploit. 

Sentiment hack was followed by another security breach on Arbitrum in May when Jimbos protocol lost $7.5 million.

As per a report by the bug bounty platform Immunefi, hacks across blockchains surged by 63% in the second quarter of 2023 compared to the same period last year. 

The report revealed that DeFi platforms lost $228 million in Q2 across 79 separate hack incidents.

Atomic Wallet hac last month and the exit scam by the now-defunct