Rodeo Finance
Last changed 2026-10-10 · Score recalculated — Rescored under Scoring v2, the published formula (avoid.net/scoring): 12 → 43. Problems weighed by who is responsible: incidents the subject suffered −20, concerns that are not fraud −10, problems around the subject, caused by others −2.3; the penalty for incidents it suffered is capped at 20. Version history →
Why this score
| Every page starts at | 65 |
| Concerns that are not fraud | -10 |
| Incidents it suffered (e.g. hacks) | -20 |
| Problems around it, caused by others | -2.3 |
| Sum | 33 |
- The penalty for incidents it suffered is capped at 20 points.
Score: 43/100 (kept between 0 and 100)
How scoring works →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
5 entities · 60 linked investigations- Chainlink→mentioned with→Ethereum(65%)
- Rodeo→mentioned with→Arbitrum(80%)
- Rodeo→mentioned with→Chainlink(70%)
- Rodeo→mentioned with→Ethereum(80%)
- Arbitrum→mentioned with→Ethereum(80%)
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.
CoinTelegraph11 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 Mortem11 July 2023
Rodeo Finance pauses all protocol operations. TWAP-dependent farms disabled. Team initiates forensic analysis and contacts law enforcement.
Rodeo Finance Official Post Mortem11 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 Analysis11 July 2023
RDO token price drops approximately 60%, from ~$0.20 to ~$0.08. Protocol TVL collapses from $20 million to under $500.
Blockonomi / CryptoBriefing12 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 Mortem12 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 MortemDecision Log
- slot 455362740 · hash AeGMKXVKKWPQniDr6DbF3RSkieaWX12fPvRv57KZV5Dq
- slot 423154283 · hash GZd6BLvKARcMwthXX7CXAAeYAp8rNjduvShFDa77wbSb
This investigation is cryptographically anchored to the Solana blockchain (2 decisions). 8 of 13 cited source URLs have an Internet Archive snapshot.
model: claude-sonnet-4-6
generated: 5/4/2026, 2:54:40 AM
last updated: 10/10/2026, 6:42:51 PM
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