New Rodeo Finance project exploited for the second time in one week

An attacker manipulated a price oracle to drain 472 ETH (~$884,000) from Rodeo Finance, a new Arbitrum-based leveraged yield protocol. The thief then used Tornado Cash to tumble the funds, some of which they placed into staking programs. According to Rodeo Finance, the attacker initially exploited the protocol for closer to $1.7 million, but $810,000 was recovered. Small victories. Anyway, Rodeo paused the protocol, and stated that they are working on recovery plans.

This was actually the second attack to impact Rodeo Finance in a single week. On July 5, the same day as their public token launch, the project was exploited for around $90,000 thanks to a bug in a smart contract.