Rodeo Finance Lose $1.5 mn To 2nd Exploit

Rodeo Finance Lose $1.5 mn To 2nd Exploit

Rodeo Finance, an arbitrum-based decentralised finance (DeFi) technology, was attacked for $1.53 million on July 11. A coding vulnerability in the DeFi protocol’s Oracle was exploited, resulting in a loss of over 810 Ether. 

The exploiter later bridged the stolen assets from Arbitrum to Ethereum and swapped 285 ETH for unshETH, according to data released by blockchain analytic firm PeckShield. The ETH was subsequently deposited on Eth2 staking by the exploiter. Finally, the exploiter routed the stolen ETH through Tornado Cash, a prominent mixer service that exploiters frequently employ as an exit route to hide the transaction’s trail.

The exploiter utilized time-weighted average price oracle manipulation in DeFi protocols to calculate asset average prices and mitigate market volatility fluctuations.

(With inputs from Shikha Singh)

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