TL;DR
- Rho Markets has suffered an exploit that resulted in the loss of $7.6 million in digital assets due to a breach in its oracle access control, according to a report by Cyvers on July 19.
- Recent attacks in the crypto sector include the hacking of WazirX for $230 million and the attack on the Li.Fi protocol that drained over $10 million.
- The first quarter of 2024 showed a 42% increase in stolen funds compared to the same period in 2023.
In a recent incident, Rho Markets, a liquidity and lending protocol on the Scroll blockchain, fell victim to an exploit that resulted in the loss of $7.6 million in digital assets. The attack occurred due to a breach in the protocol’s oracle access control, allowing the cybercriminal to perform unauthorized transactions.
The exploit was discovered on July 19 when the blockchain security firm Cyvers reported that Rho Markets had detected unusual activity on its platform. In response to the threat, the platform decided to suspend its operations to mitigate the impact of the attack. The breach allowed the attacker to access large amounts of USD Coin (USDC) and Tether USD (USDT), two of the main stablecoins used in the protocol.
🚨ALERT🚨@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!
Affected pools are $USDC, $USDT. Currently,… https://t.co/3mgkGam7Pe
— 🚨 Cyvers Alerts 🚨 (@CyversAlerts) July 19, 2024
Rho Markets Joins the List of Attacked Platforms
This incident adds to a series of recent attacks in the crypto and blockchain industry. Just days before, the Indian cryptocurrency exchange WazirX was hacked, resulting in a loss of $230 million, the second largest cryptocurrency theft of the year. Also, on July 16, the Li.Fi protocol suffered an attack that drained over $10 million due to an exploit in its smart contract. The community of the viral Telegram-based game Hamster Kombat was also targeted by phishing attacks and fake airdrops aimed at stealing user credentials.
We've detected unusual activity on our platform and are currently investigating it. During this time, we will be pausing the platform. Most of the pools are safe, so there is no need to worry. We will keep the community updated on the progress of our investigation. The platform…
— Rho Markets📜 | Rho.scroll (@RhoMarketsHQ) July 19, 2024
The rise in cryptocurrency thefts is alarming. Over the past 13 years, nearly $19 billion has been stolen in 785 reported hacks. The first quarter of 2024 has shown a 42% increase compared to the same period in 2023. With $542.7 million in stolen funds. This year has already witnessed one of the largest recent thefts. With a security breach resulting in a loss of $290 million in PlayDapp in February.
The increase in the frequency and magnitude of attacks has raised growing concerns about security in the crypto industry. As technology and interest in the sector continue to grow. Protection against these cyberattacks becomes a crucial priority for platforms and investors.
