Rodeo Finance was the victim of an attack. The perpetrators earned about 810 ether ($1.5 million) on the Arbitrum network, according to a report from Blockchain Audit firm Inspex that detected the incident.
Look like @Rodeo_Finance was exploited ~800 $ETH (~$USD 1.5M).#inspex #arbitrum #incident #rodeo
one of the attack tx: https://t.co/AEBROcNg4rthe analysis will be shared in this thread
— Inspex (@InspexCo) July 11, 2023
Igor Igamberdiev, head of research at Wintermute, described the attack as a “TWAP oracle manipulation” in DeFi. TWAP, or Time-Weighted Average Price, acts as an oracle to calculate the average price of an asset over a period of time. This method is often used. To mitigate the effects of short-term increased price volatility.
DeFi hacker enterTWAP oracle controls by distorting the calculated average price of assets. This paved the way for a variety of attacks, such as flash loans.
Attacks like this have become quite common in recent years. It has become a tool often used by hackers to manipulate Oracle’s price data feed to execute attacks, as seen in the case of Rodeo Finance.
Earlier in April, Sentiment, another DeFi protocol based on Arbitrum, lost $1 million to hackers. This was followed in May by a larger security breach in the Jimbos protocol, costing as much as $7.5 million.
refer : LINK
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