Rho Markets has been exploited for over $7.6 million worth of digital assets, in another blow to the crypto industry.

Rho Markets, a liquidity layer and lending protocol on Scroll, suffered an exploit worth $7.6 million worth of USD Coin (USDC) and Tether USD (USDT).

The exploit occurred because a malicious actor gained access to the protocol’s blockchain oracle, as reported by blockchain security firm Cyvers in a July 19 post on X.

“Rho Markets has announced that they have detected unusual activity on their platform on #Scroll chain and paused the platform! Root cause of this incident seems to be an oracle access control by a malicious actor!”

The hack comes days after Indian cryptocurrency exchange WazirX was hacked for $230 million worth of cryptocurrency, in the second-largest crypto heist of 2024 so far.

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This is a developing story, and further information will be added as it becomes available.