Financial Digest

Arbitrum-based Rodeo Finance loses $1.5 million in latest DeFi exploit

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The Rodeo hacker moved the stolen funds from Arbitrum to Ethereum and routed these through Tornado Cash to obfuscate the fund’s trail.

indicates that the attacker transferred the ill-gotten gains from Arbitrum to Ethereum. They then exchanged the stolen tokens for various other assets before converting them back to ether. The final stage of the exploit saw the ether being routed through Tornado Cash, a popular transaction mixer on the Ethereum network, effectively obfuscating the trail of funds.Flash loans are a peculiar feature in the DeFi space, offering loans that must be returned within the same transaction.

Originally designed to facilitate arbitrage trading and improve capital efficiency, these mechanisms have unfortunately become tools for hackers who manipulate DeFi price data feeds, also known as oracles, to execute exploits.This exploit is not an isolated occurrence, rather it is part of a trend that has been plaguing the Arbitrum ecosystem over the past few months. In April, Sentiment, another DeFi protocol running on Arbitrum, lost $1 million to a hacker.

 

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