Breaking: Arbitrum-Based Rodeo Finance Becomes Latest Victim of DeFi Hack

    Arbitrum network-based DeFi platform Rodeo Finance became the latest victim of a DeFi attack. Blockchain analytic firm PeckShield reported that the DeFi platform lost $888,000 in an exploit today. The latest hack is the fourth such hack on the Arbitrum network in the past four months.

    Hackers Use Oracle Manipulation To Drain Rodeo Finance

    Hackers transferred the stolen funds from Arbitrum to Ether and then funneled them through the Ethereum-based controversial crypto mixer Tornado Cash. Hackers usually turn to Tornado Cash to hide the trail of their funds. Several have done so many times in past successfully.

    The DeFi hackers once again used Oracle manipulation to drain the DeFi platform out of nearly a million dollars worth of cryptocurrencies.

    Rodeo Finance’s native token fell as much as 70% since the exploit on the Arbitrum network.

    Third DeFi Exploit on Arbitrum Network in Four Months

    The latest DeFi hack is not an anomaly. Earlier, Arbitrum-based Sentiment was exploited for $1 million in April this year. The Sentiment hack followed by another exploit on Arbitrum in May when Jimbos protocol got hacked for $7.5 million.

    Frequent DeFi hacks have become concerning for already an unregulated ecosystem that government is looking to tame. These DeFi exploits just might give regulators another excuse to crackdown on the industry even further.

    So far, DeFi platforms have lost nearly $228 million in the quarter of this year in 79 separate exploit incidents.

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