Rhea Finance says exploit loss totals $18.4M; $11.2M recovered or frozen

Odaily Planet Daily reports that Rhea Finance has published a post-incident review, putting the confirmed loss from a vulnerability at about $18.4 million, far above its initial estimate of roughly $7.6 million. The report says the attackers used complex transaction routes and spoofed token pools to manipulate liquidity, funneling borrowed assets into pools they controlled and repaying only small amounts. The resulting shortfall quickly pushed many margin positions below collateral requirements, triggering liquidations and draining the protocol's reserve funds. Rhea Finance said about $11.2 million has been recovered or frozen, including returned USDC and NEAR from the attacker and around $4.34 million in USDT frozen with help from Tether.