DeFi News Today Official TheBitTimes.com

DeFi protocol Rodeo Finance has seen its total value locked (TVL) drop from $20 million to less than $500 after a hacker used oracle manipulation to relieve it of more than $885,000 in ETH. This is the second major hack to hit Rodeo in the past week. The Arbitrum -based protocol lost 472 ETH in Tuesday’s attack . The hacker exchanged 285 of the stolen tokens for unshETH before depositing it on Eth2 staking. The funds were moved via Tornado Cash. The attack comes just days after Rodeo was exploited for nearly $90,000 by attackers exploiting a vulnerability in its mintProtocolReserves function. This latest exploit first was uncovered by blockchain security firm PeckShield, which tweeted Rodeo suggesting that it “may want to take a look.” Hi, @Rodeo_Finance you may want to take a look: https://t.co/ExSpR3qzqj — PeckShield Inc. (@peckshield) July 11, 2023 Read more: Opinion: Arbitrum misunderstands the definition of ‘proposal’ and ‘DAO’ According to Cointelegraph, the attacke...

Ethereum’s new account abstraction features make crypto more user-friendly, but how hard is it to join the new network? A new decentralized layer has been added on top of Ethereum to make smart accounts possible with the introduction of ERC-4337 and account abstraction — but infrastructure providers suggest it may be tricky to participate profitably right now. ERC-4337, commonly called “smart accounts” or “account abstraction” was deployed on the Ethereum mainnet on March 1. “Smart accounts” are essentially a supercharged version of an Ethereum wallet. Although smart contract wallets already exist, they rely on centralized components. ERC-4337 changes that with a distributed network of “Bundlers” and “Paymasters.” Under the hood, there are a few subtle but significant changes — namely the addition of the “User Intent Layer” — explained Matt Cutler, co-founder and CEO of Blocknative, a core Ethereum infrastructure provider. According to Cutler, an Ethereum transaction today involves s...