Arbitrum-Based DeFi Protocol Rodeo Finance Falls Victim to Cyberattack

The decentralized finance (DeFi) protocol Rodeo Finance, based on Arbitrum, has been targeted in a cyberattack. Approximately 810.1 ETH, worth around 1.5 million dollars at current prices, was seized from the platform. The protocol’s local cryptocurrency, Rodeo (RDO), has lost over 50% of its value within hours.

Cyberattack on Arbitrum-based DeFi Protocol

With the global popularity of blockchain technology and cryptocurrencies over the years, security issues within the crypto ecosystem have also increased significantly. According to various reports published by numerous companies recently, the number of cyberattacks in the crypto ecosystem has significantly risen lately.

As discussions about increasing security problems in the crypto ecosystem continue, another security problem occurred. The Arbitrum-based DeFi protocol Rodeo Finance was hacked. PeckShield, a blockchain security company, announced that more than 800 ETH was seized at Rodeo Finance, according to PeckShield Alert, which deals with security issues in the crypto ecosystem and provides information about cyberattacks.

810.1 ETH Seized

PeckShieldAlert announced on Twitter that there was a security issue at Rodeo Finance and warned investors. Rodeo Finance, an Arbitrum-based DeFi protocol, was the victim of a cyberattack. Around 810.1 ETH worth an average of 1.5 million dollars at current prices was seized from the platform.

The cyberattack caused a significant drop in the platform’s local cryptocurrency. The local cryptocurrency of the Arbitrum-based decentralized finance protocol Rodeo Finance, Rodeo (RDO), began to plummet rapidly after the capture of 810.1 ETH in the protocol and lost more than 50% of its value, falling to 0.1 dollar price levels.

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