Fun

News Feed - 2023-07-11 09:07:42

Prashant Jha11 hours agoArbitrum-based Rodeo Finance exploited for second time, $1.5M stolenThe exploiter manipulated price oracles to gain the upper hand on trades executed using the manipulated price.1326 Total views2 Total sharesListen to article 0:00NewsJoin us on social networksArbitrum-based decentralized finance (DeFi) protocol Rodeo Finance was exploited for $1.53 million on July 11. The DeFi protocol was exploited using a code vulnerability in its Oracle, leading to a loss of over 810 Ether (ETH).


According to data shared by blockchain analytic firm PeckShield, the exploiter later bridged the stolen funds from Arbitrum to Ethereum and swapped 285 ETH for unshETH. The exploiter then deposited the ETH on Eth2 staking. Finally, the exploiter routed the stolen ETH using the popular mixer service Tornado Cash, which exploiters often use as an exit route to obscure the transaction’s footprint.Movement of funds from Rodeo exploiter. Source: PeckShield


The exploiter used time-weighted average price oracle manipulation, which is used by DeFi protocols to calculate the average price of an asset for a specific time frame and mitigate price fluctuation due to market volatility.


However, it offers a vulnerability for exploiters to manipulate these oracles by artificially skewing the calculated average price of an asset. This allows them to gain the upper hand and exploit the protocol during a transaction.


An exploiter first borrows a large sum of an asset and then artificially manipulates the price to buy the same asset at a deflated price. Later, the exploiter returns the loan and makes a profit based on the low price managed by manipulations.


Related:Crypto scams are going to ramp up with the rise of AI


The exploiter wallet address still holds over 374 ETH, and Etherscan has marked the address as linked to the Rodeo exploit. The DeFi protocol had $20 million in total value locked (TVL), falling below $500 after the exploit. Rodeo Finance TVL post exploit. Source: DefiLlama


The exploit also tanked the price of the native token of the DeFi protocol, dropping over 53% in the past 24 hours.Rodeo Finance token price tumble post exploit. Source: CoinGecko


In 2023 alone, there have been 21 recorded incidents of some form of exploit on the Arbitrum Network, with a combined loss of over $20 million. The latest exploit of $1.53 million makes it the fifth largest recorded on Aribitrum in 2023. Rodeo Finance was also exploited on July 5 for around $89,000 due to a vulnerability in their mintProtocolReserves function.


Collect this article as an NFTto preserve this moment in history and show your support for independent journalism in the crypto space.


Magazine:Should you ‘orange pill’ children? The case for Bitcoin kids books# Blockchain# Cryptocurrencies# Ethereum# Hackers# Hacks# Decentralized Exchange# DeFiAdd reactionAdd reactionRelated NewsHow to buy NFTs without owning cryptoBug bounties can help secure blockchain networks, but have mixed resultsBlackRock Bitcoin ETF could unlock $30 trillion worth of wealth, Bloomberg analyst saysOver $204M lost to DeFi hacks and scams in Q2: Finance RedefinedMultichain MPC bridge sees $100M+ outflows, sparking fears of exploit$30B stolen from crypto ecosystem since 2012: Report

News Feed

Ezra Reguerra4 hours agoPayPal applies for NFT marketplace patent, Meta’s avatars impress: Nifty NewsletterPayPal filed a patent application for a system that lets users transfer and purchase nonfungible tokens.637 Tot
Jesse Coghlan3 hours agoNifty News: Sega exec calls P2E games ‘boring,’ Tom Brady’s NFT firm switches it up and moreSega is still reportedly licensing its lesser-known properties for NFTs and blockchain games, but
Litecoin Wobbles Under Pressure: Can It Find Footing Below $87?
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Token2049 Dubai preview - tuxedos optional, lifejackets obligatory
Alek Hidell11 hours agoToken2049 Dubai preview - tuxedos optional, lifejackets obligatoryThe Token2049 conference kicks off on April 18 in Dubai, and it"s sure to be one to remember.1764 Total views8 Total sharesListen t
MicroStrategy to launch Bitcoin-based decentralized ID solution
Brayden Lindrea6 hours agoMicroStrategy to launch Bitcoin-based decentralized ID solutionMicroStrategy has already built an application called Orange For Outlook on “MicroStrategy Orange,” which integrates digital si
Latest Ghana Benchmark Rate Hike the Largest on Record — President Promises Action Against ‘Unacceptable Depreciation of the Cedi’
Latest Ghana Benchmark Rate Hike the Largest on Record — President Promises Action Against "Unacceptable Depreciation of the Cedi" After seeing Ghana’s inflation rate surg
Dubai to Create Crypto Zone, Binance Joins Effort
Dubai to Create Crypto Zone, Binance Joins Effort The Dubai World Trade Centre will become a comprehensive ecosystem for cryptocurrencies and providers of related services. The mov
Popular BTM Operator: Bitcoin of America Adds Ethereum to Its Bitcoin ATMs
Popular BTM Operator: Bitcoin of America Adds Ethereum to Its Bitcoin ATMs press release PRESS RELEASE. Bitcoin of Americais a popular virtual currency exchange, registered as a mon
Crypto voters are bipartisan in desire to update the system — Coinbase
Savannah FortisJul 11, 2024Crypto voters are bipartisan in desire to update the system — CoinbaseAccording to a new Coinbase study, crypto voters are diverse, enthusiastic and poised to impact key battleground states i
Singapore flags digital payment tokens as high-risk in AML landscape
Amaka Nwaokocha3 hours agoSingapore flags digital payment tokens as high-risk in AML landscapeSingapore said digital payment token service providers, also known as virtual asset service providers, stand out as a high-ris
KICK.IO’s Token Will Be Available on ExMarkets LaunchPad, 15th September
KICK.IO"s Token Will Be Available on ExMarkets LaunchPad, 15th September sponsored As the $ADAbull market continues to gather steam – with new price records set each month&#x
Could NFTs Become 2021’s Biggest Crypto Trend?
Could NFTs Become 2021’s Biggest Crypto Trend? Even at this point in Bitcoin’s evolution, it’s still relatively rare for cryptocurrencies to hit mainstream news headlines unless volatili