Security Firm Claims Rho Markets Lost \$7.6M in Oracle Manipulation Attack

IconCryptoNewsTerminal Staff19 Jul, 2024

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Security Firm Claims Rho Markets Lost \$7.6M in Oracle Manipulation Attack

Blockchain security firm Cybers Alert recently reported that a hacker stole $7.6 million from Rho Markets by manipulating its price feed oracle to facilitate the attack. According to Cybers Alert, the attacker manipulated the oracle to report an inaccurate price of RHO, which resulted in the attacker obtaining an unjust arbitrage opportunity. As a result of this manipulation, Rho Markets lost $7.6 million in the attack. Cybers Alert found that the attacker used a flash loan to acquire a large position in Rho Markets. Then, the attacker exploited a vulnerability in the oracle to cause the price of RHO to increase abruptly. This gave the attacker the opportunity to sell his position at a significant profit, resulting in a loss of $7.6 million for Rho Markets. ---

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