Another day, another hack. This time, Rodeo Finance, an Arbitrum-based DeFi project, was robbed of $888,000 in Ethereum. The attacker manipulated the project’s price oracles, distorting the price of like-assets on the platform (ETH and Wrapped ETH, for example, are like assets, maintaining a price peg to each other). In this case, they inflated the price of ETH in the project, swapping it out for other like-assets, and then rebridging with those borked cryptocurrencies in exchange for 1:1 pure Ethereum. Sounds complicated, but it’s happened before. Remember Mango Markets?
Head to pro.kraken.com and trade like a pro. Not investment advice. Some crypto products and markets are unregulated. The unpredictable nature of the cryptoasset markets can lead to loss of funds and profits may be subject to capital gains tax.
