Protocol in ‘Paused State’
Bad News:
– Rodeo Finance, a defi protocol, fell victim to a force-investment hack, resulting in a theft of approximately $1.7 million.
– The protocol has been placed in a paused state until a remediation plan is implemented with the help of security experts.
Good News:
– Rodeo Finance claims to have recovered $810,000 of the stolen funds.
– The protocol has identified how the attack was carried out, involving a flaw in one of their oracles.
Key Points:
– The attack occurred because of a twap oracle that was sandwiched just around its price update, causing an inflated price and allowing the hacker to borrow and swap tokens.
– The attacker cashed out their profits by arbitraging the pool back to normal price.
– Rodeo Finance has recovered $810,000 from the yield farm used in the attack.
– The protocol is working to track and freeze the remaining funds and is collaborating with security auditors on a recovery plan.
Hot Take:
Rodeo Finance’s latest hack is a blow to the defi community, but the recovery of a portion of the stolen funds shows some resilience. The protocol’s proactive approach to identifying the attack’s method and working towards a recovery plan is commendable. However, it highlights the need for stronger security measures in the defi space. The incident serves as a reminder to investors to exercise caution and do thorough research before participating in yield farming projects.
Benito Cormi, the brilliant crypto analyst who has made waves in the world of cryptocurrency. With his razor-sharp analytical skills and deep understanding of the digital asset landscape, Benito has become a trusted figure in the industry and remains at the forefront, tirelessly researching and analyzing market trends to help individuals and businesses make informed decisions in this dynamic landscape.
