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Rodeo Finance Exploited For $888,000 In Another DeFi Hack on Arbitrum Network

Arbitrum Network-based Rodeo Finance lost 472 ether ($888,000) in a DeFi exploit today.

Blockchain security firm PeckShield revealed that the Rodeo Finance hacker transferred the stolen funds from Arbitrum to Ethereum.

Further analysis revealed that the attacker exchanged the stolen tokens for various other assets before converting them back to ether.

Hackers once again used Oracle manipulation technique to alter price feeds and exploit the platform out of nearly one million dollars worth of crypto.

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’s Ethereum and Optimism vaults.

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