Key Takeaways
- The breach occurred after a malicious actor gained access to the protocol’s blockchain oracle,
- Rho Market had paused the platform following the exploit
Rho Markets, a liquidity layer and lending protocol on Scroll, suffered a major exploit resulting in the loss of over $7.6 million worth of USD Coin (USDC) and USDT.
The breach occurred after a malicious actor gained access to the protocol’s blockchain oracle. In a post on X, blockchain security firm Cyvers stated: “@RhoMarketsHQ has announced that they have detected unusual activity on their platform on #Scroll chain and paused the platform! Root cause of this incident seems to be an oracle access control by a malicious actor!”
Rho Market took to X( formerly Twitter) to inform users that most of the pools were safe. “We will keep the community updated on the progress of our investigation”, the tweet reads.
The latest development comes amid reports which claim that North Korean hackers were behind an exploit on the WazirX exchange, leading to over $200 million in losses. On July 18, WazirX paused withdrawals for both crypto and Indian rupees (INR) following reports of the hack. Cyvers flagged the movement of approximately $234.9 million in digital assets from the Safe Multisig wallet to an unauthorized address.
These events are part of a troubling trend in the Web3 space. Earlier this week, DeFi platform LI.FI protocol faced an $8 million exploit following a series of suspicious withdrawals. According to a PeckShield report, $574 million worth of digital assets were lost across 30 individual crypto hacks in May 2024, representing a staggering 666% increase from April.
As per reports, nearly $19 billion worth of digital assets were stolen in the 13 years since June 19, 2011, when the first known crypto hack was reported. In the year 2023 alone, there were 68 separate crypto exploits, resulting in attackers stealing more than $1 billion worth of digital assets.
