Rodeo Finance has been hacked with approximately 810.1 ETH ($1.53M) stolen from its coffers, according to PeckShieldAlert.
The hacker successfully transferred the stolen funds from Arbitrum to Ethereum, swapped 285 ETH for unshETH, and transferred 150 ETH to privacy-focused Tornado Cash.
The event is significant in the DeFi space, following a similar incident with Poly Network, and has left Rodeo Finance and its users in a state of uncertainty, with no updates from the platform as yet.
Blockchain security alert service, PeckShieldAlert, reported yesterday the breach of Rodeo Finance leading to the theft of 810.1 ETH, an amount equivalent to $1.53 million. The hacker exploited a vulnerability in Rodeo Finance and successfully managed to bridge the stolen funds from Arbitrum to Ethereum, adding another high-profile hack in the DeFi sector’s recent history.
The theft was split into several transactions. The largest portion of stolen funds, 285 ETH, was swapped for unshETH, an Ethereum wrapped token. A subsequent transaction witnessed the transfer of 150 ETH to Tornado Cash, a popular privacy-focused platform. The remaining funds have yet to be traced.
The attack on Rodeo Finance comes on the heels of the second high-profile hack of Poly Network. The hackers at that time minted and sold billions of dollars’ worth of assets, including 94 billion SHIB, 495 million COOK, and 15 million RFuel.
Following the attack, the Rodeo (RDO), platform’s native token is getting dumped heavily. Currently, the coin is down by 50% and more is expected to follow as the events unfold.
This latest attack on Rodeo Finance underscores the constant threat facing DeFi platforms and the urgent need for heightened security protocols. The impact of the hack on Rodeo Finance and its users has been significant.
With users being left in a state of uncertainty, as of this report, there has been no official statement from Rodeo Finance. More details are expected to emerge as the situation unfolds.
Rida Sarwar, a seasoned journalist with a knack for the new-age financial landscape. With 5+ years under her belt, Rida has an extensive background in Crypto, Fintech, and Blockchain journalism. Her analytical skills, coupled with her passion for decrypting complex tech phenomena, make her a reliable source for insightful, well-researched narratives. Guiding the uninitiated through the maze of the digital finance world, one article at a time. 📚💻🌐🚀