Arbitrum-based Rodeo Finance exploited for second time, $1.5M stolen
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Arbitrum-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 (
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.
The exploit also tanked the price of the native token of the DeFi protocol, dropping over 53% in the past 24 hours.
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.
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