Rho Markets Twitter Compromised
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Rho Markets is a protocol allowing users to lend out specific blockchain assets such as pufETH, ezETH, as well as mainstream assets including ethereum and bitcoin. On May 24th, the Rho Markets Twitter account posted links to other domains that appeared to trick users into signing undesirable transactions. The team did not regain control of the account until June 7th. It is unclear how much was lost.[1][2][3][4][5][6]
About Rho Markets
"Rho Market is the liquidity layer build on Scroll, based an overcollateralized lending model, we also bring & leverage LRT Assets yield in Scroll." "Rho Market primarily offers liquidity for users, including LRT assets such as pufETH, ezETH, as well as mainstream - ETH & BTC." "RHO, is poised to become a central liquidity layer, supporting ongoing projects and emerging Layer 3 solutions on the Scroll platform."
"Rho is more than just a liquidity hub, it's a harbinger of financial revolution" "The protocol employs robust security Modules to protect user funds. By prioritizing security, the Rho Market community can confidently lend and borrow digital assets." "Any changes require on-chain governance proposals. This ensures alignment with community interests and eliminates single points of failure." "LRT assets lending is supported. Users can stake $RATE to earn higher yields. Through multiple LSD/LRT yield layers, the staking APR can reach up to 50%." "Through integration with the Sign Protocol and Plaid, Rho Market facilitates lending, repayment, and liquidation processes with funds directly from USD bank accounts."
"The Testnet Stage of our Royalty Reward Program has concluded, and we're excited to share some impressive stats:
-Total Users: 41,587 -Total Transactions: 71,621 -Average Daily Participants: 5,000+ -Total Galxe Questers: 30,000+
Thank you to everyone who participated.
We look forward to seeing all of you on Mainnet"
"Rho Markets $RHO Phase 1 Distribution is Live All users who enrolled in Royalty Rewards Program are eligible to claim Register Now"
The Reality
"fyi this account @RhoMarketsHQ is compromised, do not click links"
"The official Twitter account of Scroll's liquidity layer, Rho Markets, was hacked and posted suspicious links."
What Happened
"Odaily Planet Daily News: Scroll ecosystem liquidity layer Rho Markets official X account was attacked and released suspicious links. Please be vigilant and beware of risks."
| Date | Event | Description |
|---|---|---|
| May 21st, 2024 6:11:00 AM MDT | See You On Mainnet | The Rho Markets team tweets about the end of their testnet stage and the shortly arriving start of the mainnet version of the protocol. |
| May 24th, 2024 11:36:22 AM MDT | Redirect Captured Online | The redirect website is captured as being online. |
| May 24th, 2024 12:06:37 PM MDT | Phishing Website Captured | A capture of the phishing website is taken in the Internet Archive. |
| June 7th, 2024 9:59:00 PM MDT | Tweet About Incident | The Rho Markets Twitter announces that they are back and it is announced that the attack was a SIM swap attack. |
Technical Details
"The @RhoMarketsHQ Twitter account was unfortunately compromised through a SIM swap attack, resulting in a series of malicious tweets being posted starting on the afternoon of May 21st."
Total Amount Lost
The total amount lost is unknown.
How much was lost and how was it calculated? If there are conflicting reports, which are accurate and where does the discrepancy lie?
Immediate Reactions
"The @RhoMarketsHQ Twitter account was unfortunately compromised through a SIM swap attack, resulting in a series of malicious tweets being posted starting on the afternoon of May 21st."
Ultimate Outcome
"The mainnet launch is delayed because of compromise, now we are back, and we will launch Rho Markets mainnet / Rho Pets system within few days."
Total Amount Recovered
There do not appear to have been any funds recovered in this case.
What funds were recovered? What funds were reimbursed for those affected users?
Ongoing Developments
What parts of this case are still remaining to be concluded?
Individual Prevention Policies
No specific policies for individual prevention have yet been identified in this case.
For the full list of how to protect your funds as an individual, check our Prevention Policies for Individuals guide.
Platform Prevention Policies
Policies for platforms to take to prevent this situation have not yet been selected in this case.
For the full list of how to protect your funds as a financial service, check our Prevention Policies for Platforms guide.
Regulatory Prevention Policies
No specific regulatory policies have yet been identified in this case.
For the full list of regulatory policies that can prevent loss, check our Prevention Policies for Regulators guide.
References
- ↑ SlowMist Hacked - SlowMist Zone (Jun 10, 2024)
- ↑ https://web.archive.org/web/20240524173622/register-rhomarkets.xyz/rho (Jun 10, 2024)
- ↑ Rho Markets (Jun 10, 2024)
- ↑ https://www.rhomarkets.xyz/ (Jun 10, 2024)
- ↑ @RhoMarketsHQ Twitter (Jun 11, 2024)
- ↑ @spreekaway Twitter (Jun 11, 2024)