{"id":34103,"date":"2023-07-11T08:37:01","date_gmt":"2023-07-11T12:37:01","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/rodeo-finance-exploited-for-888000-in-another-defi-hack-on-arbitrum-network\/"},"modified":"2023-07-11T08:37:03","modified_gmt":"2023-07-11T12:37:03","slug":"rodeo-finance-exploited-for-888000-in-another-defi-hack-on-arbitrum-network","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=34103","title":{"rendered":"Rodeo Finance Exploited For $888,000 In Another DeFi Hack on Arbitrum Network"},"content":{"rendered":"
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Arbitrum Network-based Rodeo Finance lost 472 ether ($888,000) in a DeFi exploit today.<\/p>\n

Blockchain security firm PeckShield revealed<\/a> that the Rodeo Finance hacker transferred the stolen funds from Arbitrum to Ethereum.<\/p>\n

Further analysis revealed that the attacker exchanged the stolen tokens for various other assets before converting them back to ether.\u00a0<\/p>\n

Hackers once again used Oracle manipulation technique to alter price feeds and exploit the platform out of nearly one million dollars worth of crypto.\u00a0<\/p>\n

Rodeo Finance exploit is another in a series of DeFi hacks that have happened recently. On July 9, DeFi platform Arcadia became victim of a hack when hackers leveraged a code vulnerability to steal nearly half a million dollars from the protocol\u2019s Ethereum and Optimism vaults.<\/p>\n

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Hackers Move Funds To Tornado Cash<\/h2>\n

Once the hacker converted the stolen tokens to Ether, they then funneled those funds through the sanctioned crypto mixer Tornado Cash. A transaction mixer like Tornado Cash is used to obfuscate the fund\u2019s trail.\u00a0<\/p>\n

The Rodeo Finance team has not responded to the incident yet. Rodeo Finance token saw a major dip after the exploit as it dropped nearly 65% in an hour.\u00a0<\/p>\n

This the third exploit on the Arbitrum Network in the last four months.<\/p>\n

As reported earlier in April, Arbitrum-based Sentiment lost $1 million to a DeFi exploit.\u00a0<\/p>\n

Sentiment hack was followed by another security breach on Arbitrum in May when Jimbos protocol lost $7.5 million.<\/p>\n

DeFi Traders Lose $228 Million to Hackers in 3 Months<\/h2>\n

As per a report by the bug bounty platform Immunefi<\/u>, hacks across blockchains surged by 63% in the second quarter of 2023 compared to the same period last year.\u00a0<\/p>\n

The report revealed that DeFi platforms lost $228 million in Q2 across 79 separate hack incidents.<\/p>\n

Atomic Wallet hac last month and the exit scam by the now-defunct Fintoch platform in May contributed to the majority of the losses in the last three months.\u00a0<\/p>\n

Atomic Wallet was reportedly exploited for $100 million by the infamous hackers from the North Korea-linked Lazarus Group while FinToch pulled off an exit scam with $32 million in user funds.<\/p>\n

While attacks on BNB Chain and Ethereum made up 77% of all losses in the last quarter,\u00a0 Arbitrum network accounted for 12%.
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