{"id":25564,"date":"2024-07-22T12:00:58","date_gmt":"2024-07-22T09:00:58","guid":{"rendered":"https:\/\/coinengineer.io\/?p=25564"},"modified":"2024-07-22T09:53:37","modified_gmt":"2024-07-22T06:53:37","slug":"rho-markets-back-online-after-oracle-issue-led-to-7-6m-loss","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/rho-markets-back-online-after-oracle-issue-led-to-7-6m-loss\/","title":{"rendered":"Rho Markets Back Online After Oracle Issue Led to $7.6M Loss"},"content":{"rendered":"<p>Decentralized financial methodologies <strong>Rho<\/strong> <strong>Markets<\/strong> has resumed operations after a poorly configured <strong>Oracle<\/strong> <strong>issue<\/strong> enabling a MEV bot to grab $7.6 million in stablecoins.<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_71 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/coinengineer.net\/blog\/rho-markets-back-online-after-oracle-issue-led-to-7-6m-loss\/#Protocol_Resumes_Operations\" title=\"Protocol Resumes Operations\">Protocol Resumes Operations<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/coinengineer.net\/blog\/rho-markets-back-online-after-oracle-issue-led-to-7-6m-loss\/#Community_Support_and_Enhanced_Security_Measures\" title=\"Community Support and Enhanced Security Measures\">Community Support and Enhanced Security Measures<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/coinengineer.net\/blog\/rho-markets-back-online-after-oracle-issue-led-to-7-6m-loss\/#Impact_on_Total_Value_Locked_TVL\" title=\"Impact on Total Value Locked (TVL)\">Impact on Total Value Locked (TVL)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/coinengineer.net\/blog\/rho-markets-back-online-after-oracle-issue-led-to-7-6m-loss\/#Recent_Crypto_Hacks\" title=\"Recent Crypto Hacks\">Recent Crypto Hacks<\/a><\/li><\/ul><\/nav><\/div>\n<h3><span class=\"ez-toc-section\" id=\"Protocol_Resumes_Operations\"><\/span>Protocol Resumes Operations<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Declared on July 21 the conclusion of simulations to repay all outstanding money to the relevant pools, <strong>Rho<\/strong> <strong>Markets<\/strong> is a Scroll-based liquidity layer and lending system. Not too long after, the protocol confirmed that money had been successfully moved and was back up on X.<\/p>\n<p>The incident occurred on July 19 and resulted into unstablecoins worth $7.6 million lost due to inadequate setup. Declaring their haste to repay the money, the entity behind the poorly configured post-MEV (maximal extractable value) bot wrote a onchain message to the Rho Markets team. The entity noted that the problem came from a configuration mistake rather than an exploit or attack and urged the <strong>Rho<\/strong> <strong>Markets<\/strong> team to acknowledge this and document the efforts done to prevent such incidents.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Community_Support_and_Enhanced_Security_Measures\"><\/span>Community Support and Enhanced Security Measures<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Thanks to its customers and community support, <strong>Rho<\/strong> <strong>Markets<\/strong> stated on July 22 and promised to implement more stringent security measures. Among other third-party partners for further security, the protocol indicated aspirations to incorporate smart contract audits and on-chain data monitoring. Rho Markets will also improve internal security by way of many internal examinations and extensive simulation environment testing.<\/p>\n<p>The company informed customers that there was no financial damage resulting from the accident.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Impact_on_Total_Value_Locked_TVL\"><\/span>Impact on Total Value Locked (TVL)<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Following the misconfiguration, Rho Markets&#8217; total value locked (TVL) dropped 54% from $51 million to $23.4 million, DefiLlama notes. Right now the TVL still stands at $24.6 million.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Recent_Crypto_Hacks\"><\/span>Recent Crypto Hacks<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The occurrence at <strong>Rho Markets<\/strong> adds to an already noteworthy series of crypto assaults. Using the Li.Fi protocol utilized for $10 million on July 16, WazirX, a crypto exchange, hacked for almost $230 million last week, ranking second most successful week for crypto hackers in terms of stolen money.<\/p>\n<p><i><span style=\"font-weight: 400\">You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don\u2019t forget to follow us on our <\/span><\/i><a href=\"https:\/\/t.me\/coinengineernews\"><i><span style=\"font-weight: 400\">Telegram, <\/span><\/i><\/a><a href=\"https:\/\/www.youtube.com\/@CoinEngineer\"><i><span style=\"font-weight: 400\">YouTube<\/span><\/i><\/a><i><span style=\"font-weight: 400\">, and <\/span><\/i><a href=\"https:\/\/twitter.com\/coinengineers\"><i><span style=\"font-weight: 400\">Twitter<\/span><\/i><\/a><i><span style=\"font-weight: 400\"> channels for the latest <\/span><\/i><a href=\"https:\/\/coinengineer.net\/blog\/news\/\"><i><span style=\"font-weight: 400\">news<\/span><\/i><\/a><i><span style=\"font-weight: 400\"> and updates.<\/span><\/i><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Decentralized financial methodologies Rho Markets has resumed operations after a poorly configured Oracle issue enabling a MEV bot to grab $7.6 million in stablecoins. Protocol Resumes Operations Declared on July 21 the conclusion of simulations to repay all outstanding money to the relevant pools, Rho Markets is a Scroll-based liquidity layer and lending system. Not<\/p>\n","protected":false},"author":6,"featured_media":25567,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9,657,1],"tags":[7549,7548],"class_list":["post-25564","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","category-en","category-genel","tag-oracle-issue","tag-rho-markets"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Rho Markets Back Online After Oracle Issue Led to $7.6M Loss - Coin Engineer<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinengineer.net\/blog\/rho-markets-back-online-after-oracle-issue-led-to-7-6m-loss\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Rho Markets Back Online After Oracle Issue Led to $7.6M Loss - Coin Engineer\" \/>\n<meta property=\"og:description\" content=\"Decentralized financial methodologies Rho Markets has resumed operations after a poorly configured Oracle issue enabling a MEV bot to grab $7.6 million in stablecoins. 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