Rho Markets, a liquidity layer and lending protocol on Scroll, has suffered a significant breach, losing over $7.6 million in USD Coin and USDT.
This incident is another major setback for the cryptocurrency industry.
The breach occurred when a malicious actor gained access to the protocol’s blockchain oracle, according to a July 19 post on X by blockchain security firm Cyvers.
Cyvers reported, “@RhoMarketsHQ 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!”
READ MORE: German Government’s Rapid Bitcoin Sales Impact Market, Price Recovers After Supply Depletion
This attack follows closely on the heels of a hack on Indian cryptocurrency exchange WazirX, which lost $230 million worth of cryptocurrency, making it the second-largest crypto heist of 2024.
This week has proven particularly profitable for cryptocurrency hackers, marking the second most lucrative week for stolen funds in 2024.
On July 18, WazirX was hacked for over $230 million, with the attacker converting $149 million worth of Shiba Inu tokens and other altcoins into Ether.
Just two days prior, on July 16, the Li.Fi protocol was exploited, resulting in over $10 million worth of cryptocurrency being drained through a smart contract exploit. This incident has since been contained.
Further compounding the week’s challenges, players of the viral Telegram-based game Hamster Kombat were targeted by phishing attacks and fake cryptocurrency airdrops, designed to steal user credentials, according to cybersecurity firm Kaspersky.
Crypto hacks remain a significant issue in the decentralized finance space, impeding the broader adoption of cryptocurrencies.
Over the past 13 years, nearly $19 billion worth of digital assets have been stolen in 785 reported hacks and exploits since the first known crypto hack on June 19, 2011.
In February 2024, PlayDapp experienced a $290 million security breach, the largest single crypto heist in the past two years.
Additionally, 2024 may surpass 2023 in terms of stolen funds, with $542.7 million worth of cryptocurrency stolen in the first quarter alone, representing a 42% increase compared to the same period in 2023.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
