Decentralized finance (DeFi) protocol on Arbitrum, Rodeo Finance, lost around 472 ether ($888.000) in an oracle manipulation attack on July 11, as reported by security firm PeckShield.
According to PeckShield, the criminal transferred the stolen funds from Arbitrum (ARB) to Ethereum (ETH). The stolen tokens were exchanged for other assets before being converted back to ETH.
@Rodeo_Finance is exploited for ~810,1 $ETH (~$1,53M) The exploit connected the stolen funds from #Arbitrum to #Ethereum and exchanged 285 $ETH for $unshETH and deposited them in Ankr:ETH2 Staking and transferred 150 $ETH to Tornado Dinheiro.
Fix: The total loss with 472 $ETH (~$888.000) The explorer exchanged 285 $ETH for $unshETH and connected them back to #Arbitrum to continue the hack.”
#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
The company even shared a screenshot of the Rodeo (RDO) price drop, with a 52% retraction. At the time of publication, Rodeo price was quoted at $0,127701, up 49.3% over the last 24 hours.
It is worth remembering that, recently, the recently launched decentralized finance (DeFi) project that operates on Arbitrum's Layer 2 network, Chibi Finance allegedly made off with approximately $1 million in user deposits. According to the security firm, PeckShield, 555 Ethereum (ETH) platform liquidity pools were drained, which amounts to $1 million.
