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Rodeo Finance

avoid.net/rodeo→12/100·82% conf.
[AI-DRAFTED · AWAITING VERIFICATION][src:defillama]

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anchored·2FUKBf…cwBm

Summary

Rodeo Finance was an Arbitrum-based leveraged yield protocol that allowed users to open leveraged positions in DeFi yield strategies using borrowed USDC from an integrated lending pool. The protocol suffered two separate security exploits in July 2023 within six days of each other, with the second — a TWAP oracle manipulation attack — draining approximately 472 ETH (roughly $888,000 net) and collapsing its total value locked from $20 million to under $500. The attacker bridged stolen funds to Ethereum, routed 150 ETH through Tornado Cash, and the protocol never fully recovered operationally.

Connected Entities

2 entities
Organizations
□Rodeo
Protocols
⌂Rodeo Finance
Relationships
    Have evidence about Rodeo Finance?

    Timeline(7 events)

    5 July 2023

    First exploit: approximately $89,000 stolen via a vulnerability in the mintProtocolReserves function and StrategyGamma balance manipulation. Hypernative Labs detected the attack.

    CoinTelegraph

    11 July 2023

    Second exploit at approximately 07:54 UTC: attacker (0x2f3788F2396127061c46fC07BD0fcb91faAcE328) executes a multiblock TWAP oracle sandwich attack on the ETH/unshETH strategy. 472 ETH (~$888,000 net) drained from the USDC lending pool. PeckShield first publicly alerts the team on Twitter.

    QuillAudits / Rodeo Finance Post Mortem

    11 July 2023

    Rodeo Finance pauses all protocol operations. TWAP-dependent farms disabled. Team initiates forensic analysis and contacts law enforcement.

    Rodeo Finance Official Post Mortem

    11 July 2023

    Attacker bridges stolen ETH from Arbitrum to Ethereum mainnet. 285 ETH swapped for unshETH and deposited to Ankr ETH2 staking. 150 ETH sent to Tornado Cash. Approximately 371 ETH remains in attacker wallet.

    Neptune Mutual Exploit Analysis

    11 July 2023

    RDO token price drops approximately 60%, from ~$0.20 to ~$0.08. Protocol TVL collapses from $20 million to under $500.

    Blockonomi / CryptoBriefing

    12 July 2023

    Team recovers approximately $816,342 USDC worth of unshETH left in exploited contracts. Funds transferred to Rodeo multisig and swapped to USDC. Team announces weekly repayment plan for USDC pool LP losses from treasury.

    Rodeo Finance Official Post Mortem

    12 July 2023

    On-chain white hat bounty message sent to attacker wallet. No funds returned. Third-party auditors engaged for full codebase review before any potential relaunch.

    Rodeo Finance Official Post Mortem
    Provenance & Audit Trail
    Anchored on SolanaVerify on-chain8 Wayback Archivessrc:defillama

    Decision Log

    This investigation is cryptographically anchored to the Solana blockchain (1 event). 8 of 13 cited source URLs have an Internet Archive snapshot.

    full audit log →version history →

    model: claude-sonnet-4-6

    generated: 5/4/2026, 2:54:40 AM

    last updated: 8/29/2026, 1:35:01 AM

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