{"id":84597,"date":"2024-07-22T05:36:14","date_gmt":"2024-07-22T09:36:14","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=84597"},"modified":"2024-07-22T05:36:17","modified_gmt":"2024-07-22T09:36:17","slug":"rho-markets-resumes-operations-following-oracle-issue","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/rho-markets-resumes-operations-following-oracle-issue\/","title":{"rendered":"Rho Markets Resumes Operations Following Oracle Issue"},"content":{"rendered":"\n

Rho Markets, a decentralized finance protocol<\/a>, has resumed operations following a misconfigured Oracle issue last week, accumulating $7.6 million in stablecoins from the protocol.<\/p>\n\n\n\n

\"Rho
Rho Markets Resumes Operations Following Oracle Issue<\/figcaption><\/figure>\n\n\n\n

The Scroll-based liquidity layer and lending protocol announced on July 21 that it had recently finished the simulation of repaying all remaining funds to the affected pools.<\/p>\n\n\n\n

A subsequent message on X promptly followed, informing users that the protocol had been effectively reactivated and that funds had been allocated.<\/p>\n\n\n\n

\n

Update from Rho Markets

We have successfully completed the fund allocation.

\ud83d\udd38The protocol is now officially back online.

Thank you very much for all the support and understanding from our Rho family.<\/p>— Rho Markets\ud83d\udcdc | Rho.scroll (@RhoMarketsHQ) July 21, 2024\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a><\/blockquote>

A loss of $7.6 million in stablecoins and USDT resulted from the manipulation of Rho Markets on July 19.<\/p>\n\n\n\n

On July 19, the party responsible for the bot sent a message to the team on the blockchain, claiming that its MEV (maximal extractable value) bot had capitalized on a price oracle misconfiguration.<\/p>\n\n\n\n

“We acknowledge that the funds are the property of the users and are prepared to return them in their entirety,” it declared before imposing a condition.<\/p>\n\n\n\n

\n

\u201cBut first, we would like you to admit that it was not an exploit or a hack but a misconfiguration on your end.\u201d<\/p>\n<\/blockquote>\n\n\n\n

The entity requested that the Rho Markets team furnish specifics regarding the measures implemented to prevent future incidents.<\/p>\n\n\n\n

\"Onchain
Onchain message from exploiter to Rho Markets team. Source:\u00a0ZachXBT<\/use><\/svg><\/span><\/a><\/figcaption><\/figure>\n\n\n\n

The team thanked the community and users for their assistance on July 22 and committed to implementing more stringent security protocols.<\/p>\n\n\n\n

\u201cWe will introduce more third-party partners to enhance security measures, including on-chain data monitoring and smart contract audits,\u201d it stated before adding that it will also \u201cstrengthen internal security measures such as multiple internal reviews and rigorous simulation environment testing.\u201d<\/p>\n\n\n\n

Additionally, it has guaranteed that no funds were exhausted.<\/p>\n\n\n\n

Rho Markets' total value sealed plunged by 54% during the misconfiguration, from $51 million to $23.4 million, as reported by DefiLlama. The value has yet to recover and is currently at $24.6 million as of writing.<\/p>\n\n\n\n

Regarding misappropriated funds, the previous week was the second most profitable for crypto hackers<\/a>\u2014the Li.Fi protocol was exploited for $10 million on July 16, and the crypto exchange WazirX was compromised for over $230 million on July 18.<\/p>\n","protected":false},"excerpt":{"rendered":"

Rho Markets, a decentralized finance protocol, has resumed operations following a misconfigured Oracle issue last week, accumulating $7.6 million in stablecoins from the protocol. The Scroll-based liquidity layer and lending protocol announced on July 21 that it had recently finished the simulation of repaying all remaining funds to the affected pools. A subsequent message on […]<\/p>\n","protected":false},"author":12,"featured_media":84613,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[11230,12091,20675],"class_list":["post-84597","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-defi-protocol","tag-oracle","tag-rho-markets"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/07\/rho.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/84597","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=84597"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/84597\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/84613"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=84597"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=84597"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=84597"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}