In response to the security lapse, Rho Markets has already suspended its platform.
Another setback to the crypto industry has been dealt by the exploitation of Rho Markets, a liquidity layer and lending protocol on Scroll, for a total of over $7.6 million in USD Coin and USDT.
According to a July 19 post on X by blockchain security firm Cyvers, the exploit took place after a malicious actor obtained access to the protocol’s blockchain oracle.
“The platform has been paused by @RhoMarketsHQ due to the discovery of anomalous activity on the #Scroll chain. The root cause of this incident appears to be a malevolent actor’s Oracle access control.”
The second-largest crypto robbery of 2024 thus far, the breach of Indian cryptocurrency exchange WazirX resulted in the theft of $230 million in cryptocurrency.
In terms of misappropriated funds, this week was the second most lucrative for cryptocurrency criminals. A breach of WazirX occurred on July 18, resulting in the theft of over $230 million in cryptocurrency. The perpetrator has already transferred $149 million in Shiba Inu.
On July 16, the Li.Fi protocol was the victim of a smart contract exploit that resulted in the loss of over $10 million in cryptocurrency from its wallet. The breach has since been resolved.
According to cybersecurity firm Kaspersky, phishing attacks and bogus cryptocurrency airdrops were also launched against participants of the viral Telegram-based clicker game Hamster Kombat, with the intention of stealing user credentials. This served as additional fuel to the fire.
Cryptocurrency breaches are among the most significant challenges in the decentralized finance sector, as they impede the rapid adoption of cryptocurrencies.
785 reported breaches and exploits have resulted in the theft of nearly $19 billion worth of digital assets over the past 13 years, since the first known crypto heist on June 19, 2011.
The largest single crypto theft of the past two years was the $290 million security compromise that PlayDapp encountered in February 2024.
Furthermore, the first quarter of 2024 saw $542.7 million in stolen funds, a 42% increase from the same period in 2023, suggesting that crypto breaches in 2024 could surpass those in 2023.
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