Rhea Finance Attack Review: Losses Expand to $18.4 Million, Partial Funds Recovered

Odaily News Rhea Finance has released a post-mortem report on the attack, confirming that the actual loss from the vulnerability is approximately $18.4 million, a significant increase from the initial estimate of around $7.6 million.

The attacker constructed complex transaction paths, manipulated liquidity using fake token pools, funneled borrowed assets into pools under their control, and returned only minimal assets. This caused a large number of margin positions to rapidly become undercollateralized and triggered liquidations, ultimately depleting the protocol's reserve funds.

Approximately $11.2 million in funds have been recovered or frozen so far. This includes some USDC and NEAR assets returned by the attacker, as well as about $4.34 million in USDT that was frozen (with assistance from Tether).