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

Rhea Finance published a post-incident report stating that losses from the recent exploit are now estimated at about $18.4 million, far above the initial figure of roughly $7.6 million. The attacker allegedly used complex transaction routes to game liquidity via spoofed token pools, siphoning borrowed assets into pools under their control while repaying only small amounts. The activity quickly pushed many margin positions below collateral requirements, triggering liquidations and ultimately draining the protocol's reserve funds. Rhea Finance said about $11.2 million has been recovered or frozen to date. The total includes USDC and NEAR returned by the attacker and around $4.34 million in USDT frozen with help from Tether.