Rho Markets has been exploited for over $7.6 million worth of digital assets, in another blow to the crypto industry.
Rho Markets, a liquidity layer and lending protocol on Scroll, suffered an exploit worth $7.6 million worth of USD Coin (USDC) and Tether USD (USDT).
The exploit occurred because a malicious actor gained access to the protocol’s blockchain oracle, as reported by blockchain security firm Cyvers in a July 19 post on X.
“Rho Markets 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!”
The hack comes days after Indian cryptocurrency exchange WazirX was hacked for $230 million worth of cryptocurrency, in the second-largest crypto heist of 2024 so far.
The second most lucrative week for crypto hackers in 2024
This week was the second most lucrative week for cryptocurrency hackers in terms of stolen funds.
On July 18, WazirX was hacked for over $230 million worth of crypto and the attacked has already funneled $149 million worth of Shiba Inu (SHIB) tokens and other altcoins into Ether (ETH).
On July 16, the Li.Fi protocol suffered a hack that drained over $10 million worth of cryptocurrency from its wallet, in a smart contract exploit that has since been contained.
Adding fuel to the fire, players of the viral Telegram-based clicker game Hamster Kombat were also targeted by phishing attacks and fake cryptocurrency airdrops, which aimed to steal user credentials, according to cybersecurity firm Kaspersky.