DeFi platform Rodeo Finance loses $1.5M following manipulation hack

July 11, 2023 08:42 PM AEST | By Invezz

DeFi platform Rodeo Finance loses $1.5M following manipulation hack — Image source: Invezz

Rodeo Finance exploited

Cryptocurrency security company PeckShield tweeted about the incident detailing the fraudster transferring the assets to Ethereum from Arbitrum. After that, they swapped the tokens for different tokens before exchanging them for Ether (again).

#PeckShieldAlert @Rodeo_Finance is exploited for ~810.1 $ETH (~$1.53M)
The exploiter has bridged the stolen funds from #Arbitrum to #Ethereum, and swapped 285 $ETH for $unshETH and deposited them to Ankr: ETH2 Staking, and transferred 150 $ETH to Tornado Cash… https://t.co/nkEZ1pkfWI pic.twitter.com/r1zZRzA2BQ
— PeckShieldAlert (@PeckShieldAlert) July 11, 2023

Finally, the hacker routed the stolen Ether via the Ethereum-based transaction mixer Tornado Cash. That helped obscure the transaction’s footprint. Rodeo Finance is yet to comment on the incident.

Hackers continue to utilize complex procedures to scam crypto projects and investors. Over the past years, cases of Oracle manipulation to alter price feeds for platform exploitation have soared, with Rodeo Finance being the latest victim.

Furthermore, Rodeo’s incident confirms the weakness the Arbitrum platform has displayed within the last few months. Invezz.com reported how hackers stole around $7.5 million from Arbitrum’s jimbos protocol in May.

Traders massively dump RDO tokens

Rodeo’s native token RDO has suffered immensely following the latest hack. Moreover, traders have heavily dumped the alternative token, crashing its price. It dropped by a staggering 65% within the past 24 hours, trading at $0.8623 at press time.

Meanwhile, cryptocurrency prices recorded upticks on Tuesday. Bitcoin and Ethereum gained 0.65% and 1.44% to press time levels of $30,599 and $1,882, respectively, within the past 24hrs. Also, the global cryptocurrency market capitalization saw a 0.71% 24hr uptick to $1.18 trillion.

The post DeFi platform Rodeo Finance loses $1.5M following manipulation hack appeared first on Invezz.

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