Rhea Finance Says Exploit Losses Reached $18.4 Million

Rhea Finance Says Exploit Losses Reached $18.4 Million

Rhea Finance states an unauthorized April 16 attack exploited a slippage protection flaw, with about $18.4 million affected and part of the funds returned or frozen as recovery continues.

USDT
USDC
NEAR

Fact Check
The claim has partial but meaningful support. The initial $7.6 million estimate is supported by the fetched PANews report "安全机构:Rhea Finance遭假代币合约攻击,约760万美元资金被盗 | PANews". The later revision to $18.4 million is strongly suggested by the traced upstream source URL and title, "Rhea Finance post-mortem: Exploit losses $18.4 million, double initial estimates", which Odaily newsflash 477292 points to via media_trace. The fetched PANews follow-up, "Rhea Finance发布安全事件初步分析,并称正积极追回资金 | PANews", also confirms that Rhea Finance published a post-attack update and was pursuing fund recovery. However, because direct fetches of the The Block article and X posts failed in this run, the exact later figures, especially the approximately $11.2 million recovered or frozen amount, could not be fully validated from fetched primary text. So the statement is best assessed as likely true, but not at high confidence.
    Reference1
Summary

Rhea Finance said an unauthorized April 16 attack exploited a slippage protection flaw and resulted in about $18.4 million being stolen from its reserve pool. The project said the attacker has returned about 3.359 million USDC and 1.564 million NEAR, while 4.34 million USDT was frozen. Rhea Finance added that its lending contract has been frozen as recovery efforts continue.

Terms & Concepts
  • Slippage protection: A trading safeguard designed to limit how far execution prices can move from expected prices during a swap or transaction.
  • USDC: A U.S. dollar-pegged stablecoin issued by Circle that is commonly used for trading, payments, and on-chain transfers.
  • USDT: A U.S. dollar-pegged stablecoin issued by Tether that is widely used for trading, payments, and moving value across crypto markets.