Fun

Rho Markets returns online with no funds lost after $8M Oracle issue

News Feed - 2024-07-22 02:07:43

Martin Young3 hours agoRho Markets returns online with no funds lost after $8M Oracle issueThe MEV bot responsible for profiting nearly $8 million in stablecoins returned the funds but wanted the Rho Markets team to admit it was not a hack or exploit.997 Total viewsListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksDecentralized finance protocol Rho Markets is back online after a misconfigured Oracle issue last week, which led to an MEV bot scooping up $7.6 million in stablecoins from the protocol.


On July 21, the Scroll-based liquidity layer and lending protocol stated that it had just completed the simulation of repaying all remaining funds to the affected pools.


Another message on X quickly followed, reporting that the protocol was back online and funds had been successfully allocated.Source: Rho Markets


Rho Markets was manipulated on July 19, leading to a loss of $7.6 million worth of stablecoins USDC and USDT.


The entity behind the bot posted a message onchain to the team on July 19 stating that its MEV (maximal extractable value) bot profited from a price oracle misconfiguration.


“We understand that the funds belong to users and are willing to fully return [them],” it stated, before adding a condition.“But first, we would like you to admit that it was not an exploit or a hack but a misconfiguration on your end.”


The entity asked the Rho Markets team to provide details of measures taken to mitigate further incidents.Onchain message from exploiter to Rho Markets team. Source:ZachXBT


On July 22, the team thanked the community and users for their support and pledged tighter security measures.


“We will introduce more third-party partners to enhance security measures, including on-chain data monitoring and smart contract audits,” it stated before adding that it will also “strengthen internal security measures such as multiple internal reviews and rigorous simulation environment testing.”


It has also assured users that no funds were lost.


Cointelegraph reached out to Rho Markets for further details but did not receive an immediate response.


Related:Fractal ID postmortem ties breach to 2022 password hack


Rho Markets total value locked tanked 54% around the time of the misconfiguration, falling from $51 million to $23.4 million, according to DefiLlama. It has yet to recover and remains at $24.6 million at the time of writing.


Last week was the second most lucrative week for crypto hackers in terms of stolen funds. On July 18, crypto exchange WazirX was hacked for over $230 million and the Li.Fi protocol was exploited for $10 million on July 16.


Magazine:Lazarus Group’s favorite exploit revealed — Crypto hacks analysis# Bot# Hackers# Hacks# DeFiAdd reaction

News Feed

Immutable, Polygon’s new $100M fund to throw cash at Pixelmon, among others
Jesse Coghlan2 hours agoImmutable, Polygon’s new $100M fund to throw cash at Pixelmon, among othersImmutable and Polygon have teamed up to find blockchain games for their new $100 million fund to bankroll, starting wit
Bitcoin Now Larger Than Facebook’s Market Cap — ‘Money Network More Valuable Than Social Network’
Bitcoin Now Larger Than Facebook"s Market Cap — "Money Network More Valuable Than Social Network" The surge in bitcoin’s price on Friday has propelled th
Maple Finance Lending Pool Delegate ‘Identified a Number of Key Weaknesses’ Tied to FTX’s Alameda Research
Maple Finance Lending Pool Delegate "Identified a Number of Key Weaknesses" Tied to FTX"s Alameda Research According to a report from Orthogonal Credit, a delegate of Maple Finance
Fidelity Launches Multi-Level Learning Center in Metaverse
Fidelity Launches Multi-Level Learning Center in Metaverse Fidelity Investments, a major financial services firm with $11.3 trillion in assets under administration, has entered the
Vitalik Buterin Says Crypto Is a ‘Better Bet’ Than ‘Incredibly Inconvenient’ Gold
Vitalik Buterin Says Crypto Is a "Better Bet" Than "Incredibly Inconvenient" Gold The Ethereum blockchain co-founder, Vitalik Buterin, insisted in a recent tweet that crypto is a b
Bitcoin whales not selling despite $70K — BTC holdings growth ‘is going parabolic’
Zoltan Vardai53 minutes agoBitcoin whales not selling despite $70K — BTC holdings growth ‘is going parabolic’Bitcoin addresses holding at least 1,000 BTC is climbing again despite BTC price reaching over $70,000 fo
Metamask Wallet Users Warned to Be on the Lookout for Address Poisoning Attacks
Metamask Wallet Users Warned to Be on the Lookout for Address Poisoning Attacks To avoid becoming victims of an address poisoning attack, Metamask wallet users should ditch the pra
Gary Gensler: SEC Needs New Tools, Expertise, and Resources to Regulate Crypto Industry
Gary Gensler: SEC Needs New Tools, Expertise, and Resources to Regulate Crypto Industry U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler said in a congressional
Biconomy onboards AI agents for onchain transactions
Ana Paula Pereira14 hours agoBiconomy onboards AI agents for onchain transactionsBiconomy’s Delegated Authorization Network (DAN) will serve as an authorization layer for autonomous on-chain transactions.1229 Total vie
$16B Worth of Dollar-Pegged Cryptos: Stablecoins Add $100M a Day Since Mid-July
$16B Worth of Dollar-Pegged Cryptos: Stablecoins Add $100M a Day Since Mid-JulyStablecoins have been gathering a lot of steam and settling massive value in recent months. Moreover,
Ezra Reguerra1 hour agoLondon Stock Exchange to create traditional assets trading platform on blockchainThe LSE Group has been exploring how blockchain can improve traditional asset trading, according to an executive.699
PlaceWar Co-Founder Myrtle Anne Ramos Talks Gamified Internet Culture, Metaverse and Play-to-Earn
PlaceWar Co-Founder Myrtle Anne Ramos Talks Gamified Internet Culture, Metaverse and Play-to-Earn PlaceWar is a decentralized strategic play-to-earn game universe deployed on a mul