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Rho Markets

avoid.net/rho-markets→38/100·78% conf.
[AI-DRAFTED · AWAITING VERIFICATION][src:defillama]

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anchored·iw1MpT…TaUh

Summary

Rho Markets is a DeFi lending protocol (Compound V2 fork) deployed on Scroll, an Ethereum Layer 2 ZK-rollup network. On July 19, 2024, a misconfigured price oracle allowed an MEV bot to extract approximately $7.6 million in user funds; the operator voluntarily returned all funds after demanding a public acknowledgment of the misconfiguration. Despite full fund recovery, the protocol's TVL collapsed to near-zero and remains essentially inactive as of 2026.

Connected Entities

1 entities
Organizations
□Rho Markets
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    Timeline(8 events)

    8 June 2022

    Rho Markets founded; protocol development begins on Scroll ecosystem.

    19 July 2024

    Oracle misconfiguration exploit detected: MEV bot drains approximately $7.5-7.6 million in USDC, USDT, and wstETH from Rho Markets pools on Scroll within minutes.

    19 July 2024

    Rho Markets halts protocol operations. Scroll team temporarily pauses L2 chain finalization to assess scope of breach.

    19 July 2024

    MEV bot operator sends on-chain message indicating willingness to return all funds, contingent on Rho Markets publicly admitting oracle misconfiguration error.

    19 July 2024

    Scroll resumes chain finalization after determining exploit was confined to Rho Markets application layer.

    19 July 2024

    Rho Markets complies with MEV operator demands; all 2,202.85 ETH (approximately $7.6 million) returned to protocol multi-sig Safe wallet. Team announces no user funds permanently lost.

    19 July 2024

    Dedaub, Olympix, and other security firms publish post-mortems confirming ETH oracle was misconfigured to use the WBTC/USD price feed at deployment time.

    27 May 2026

    Rho Markets TVL stands at approximately $8 with $0 in active loans; protocol is effectively inactive with no announced relaunch.

    Provenance & Audit Trail
    Anchored on SolanaVerify on-chain16 Wayback Archivessrc:defillama

    Decision Log

    This investigation is cryptographically anchored to the Solana blockchain (1 event). 16 of 19 cited source URLs have an Internet Archive snapshot.

    full audit log →version history →

    model: claude-sonnet-4-6

    generated: 5/4/2026, 2:54:30 AM

    last updated: 8/30/2026, 1:16:26 AM

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