Rhea Finance on Near Protocol exploited for $7.6M via fake token contracts and oracle manipulation.
Security & Exploits ·
Rhea Finance, a protocol on Near Protocol, suffered an exploit resulting in approximately $7.6M in losses. The attack leveraged the creation of fraudulent token contracts paired with liquidity additions to newly formed pools, a technique designed to circumvent the protocol's oracle and validation mechanisms.
The exploit succeeded by deceiving Rhea Finance's price-feed and verification systems into accepting malicious pool data, which allowed the attacker to extract funds without authorization. The transaction records are visible on the Near blockchain.
Details regarding the attacker's identity, any remaining vulnerabilities in the protocol, and recovery measures remain undisclosed as of the initial reporting.