News Formal

Arbitrum-based Rodeo Finance loses $1.5 million in latest DeFi exploit

  • 📰 TheBlock__
  • ⏱ Reading Time:
  • 24 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 13%
  • Publisher: 53%

United States News News

United States United States Latest News,United States United States Headlines

The Rodeo hacker moved the stolen funds from Arbitrum to Ethereum and routed these through Tornado Cash to obfuscate the fund’s trail.

indicates that the attacker transferred the ill-gotten gains from Arbitrum to Ethereum. They then exchanged the stolen tokens for various other assets before converting them back to ether. The final stage of the exploit saw the ether being routed through Tornado Cash, a popular transaction mixer on the Ethereum network, effectively obfuscating the trail of funds.Flash loans are a peculiar feature in the DeFi space, offering loans that must be returned within the same transaction.

Originally designed to facilitate arbitrage trading and improve capital efficiency, these mechanisms have unfortunately become tools for hackers who manipulate DeFi price data feeds, also known as oracles, to execute exploits.This exploit is not an isolated occurrence, rather it is part of a trend that has been plaguing the Arbitrum ecosystem over the past few months. In April, Sentiment, another DeFi protocol running on Arbitrum, lost $1 million to a hacker.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 464. in US

United States United States Latest News, United States United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

DeFi protocol Arcadia Finance hacked on Ethereum and Optimism for $455kWhile the investigations are underway, Arcadia’s code houses another vulnerability, which could prove catastrophic for the protocol if exploited. PeckShield reveals the cause of Arcadia Finance hack. The code did not validate untrusted inputs. Hacker drained $455K from darcWETH and darcUSDC vaults.
Source: Cointelegraph - 🏆 562. / 51 Read more »

France upbeat on attracting major Tesla investment, finance minister saysFrench Finance Minister Bruno Le Maire on Sunday said he was 'very hopeful' Tesla Chief Executive Elon Musk will pick France for a substantial investment linked to the production of electric vehicles in Europe.
Source: Reuters - 🏆 2. / 97 Read more »

Turkey aims to ensure fiscal discipline and lower budget deficit, finance minister saysTurkey is taking measures to re-establish fiscal discipline and control the level of the budget deficit, Finance Minister Mehmet Simsek said on Sunday.
Source: Reuters - 🏆 2. / 97 Read more »