The Conic Finance DeFi Protocol Had $3.2 Million Worth Of Ethereum Stolen By Hackers.


Two distinct hacking events in recent days have resulted in the loss of over $3.2 million worth of Ether (ETH) from the decentralised finance (DeFi) protocol Conic Finance.

On Friday of last week, an assault occurred that the Conic Finance team has labelled a “re-entrancy attack” since it took use of a flaw in Curve V2 pools to steal 1,700 ETH tokens.

“A fix to the affected contract is being deployed,” the group noted.

The team also reassured the public that the attack “cannot be done again” for the same Omnipool and that “no other Conic Omnipools are affected by this issue.”


Second attack – The Conic

However, a few hours later, the team stated that they had experienced another exploit, which had resulted in the loss of almost $300,000 USD in tokens from the crvUSD Omnipool.

In light of today’s ETH exploit, Conic Finance has taken “maximum safety measures” and temporarily shut down all Omnipools, according to a new tweet.

The second assault, the researchers said, was “unrelated to the ETH Omnipool’s re-entrancy exploit.”


‘Extremely difficult’ two days

The Conic Finance team provided a post-mortem report following the two assaults, calling the previous two days “extremely difficult.”

“We feel devastated by this situation and will do everything in our power to recover the stolen funds,” the team said.

The post-mortem update seems to attribute some responsibility for both assaults on Curve, stating that the vulnerability was the result of an interaction between “imbalanced Curve pools” in the second occurrence.

The automated market maker (AMM) approach is used to control liquidity on Curve, a decentralised exchange (DEX) for stablecoins.

“While we did have some mechanism in place to ensure we do not interact with imbalanced Curve pools, the bounds that we had set were not tight enough and allowed the attacker to slowly drain funds from the pool,” the researchers stated.

However, it was also said in the post that the Curve crew “deserves recognition for their massive help and support.”

The CNC currency used by the Conic Finance DeFi project is currently exclusively traded on MEXC and CoinEx, two decentralised exchanges.

As of Monday’s publication, CoinGecko statistics revealed that the CNC coin had dropped by 45 percent in value during the previous week.



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