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Rhea Finance suffers attack with fake token contracts, approximately $7.6 million stolen.

Panewslab • April 16, 2026

PANews reported on April 16 that, according to CertiK monitoring, a security incident occurred at Rhea Finance, a DeFi protocol in the NEAR ecosystem. Attackers created multiple fake token contracts and added liquidity to newly created liquidity pools, which is suspected of misleading the protocol's oracle and validation layer, thereby extracting at least $7.6 million in assets from the relevant pools.

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This article is one source in a clustered incident — the cluster page carries the summary, timeline and every other outlet covering it.

$18.4M Exploit Hits Rhea Finance's DeFi Protocol Amid Fake Token Manipulation Rhea Finance experienced a significant exploit on April 16, 2026, resulting in losses estimated at $18.4 million, more than double initial estimates of $7.6 million. The attack targeted the protocol's margin trading feature, where the attacker utilized a deliberately constructed swap route to create fake token pools. This manipulation allowed the attacker to funnel borrowed debt tokens into these pools, leading to undercollateralized positions and subsequent liquidations. The Rhea Lend smart contract was directly affected, while the Rhea DEX contract remained secure but was paused as a precaution. Recovery efforts are ongoing, with some funds already returned or frozen, including approximately $3.5 million in USDC and NEAR. The protocol is working with exchanges and law enforcement to trace the remaining stolen assets. A full incident analysis report is expected to be released soon. 5 sources 66

Extracted Entities

Rhea Finance suffers attack with fake token contracts, approximately $7.6 million stolen.

The full story

Extracted Entities

Attack Types (1)

Companies (1)

Platforms (1)