A DeFi protocol called Conic Finance, which operates on the Ethereum platform, has fallen victim to a hacking incident resulting in a loss of approximately $3.2 million. The attack targeted Conic Finance’s Ethereum omnipool, which facilitates liquidity pools for trades on the Curve Finance network.
According to cybersecurity firm Beosin, the exploit carried out on Conic Finance resulted in the theft of $3.26 million. In response to the attack, Conic Finance took immediate action by disabling deposits into their Ethereum omnipool.
An hour after the attack, Conic Finance provided an update stating that the exploit had been fixed, ensuring that such an attack could never occur again. The root cause of the breach was identified as a re-entrancy attack, which was made possible due to an incorrect assumption regarding the return address from the Curve Meta Registry for ETH in Curve V2 pools. The affected contract was promptly fixed, and Conic Finance assured users that the exploit could not be repeated in the ETH omnipool. They also stated that withdrawals were safe and that no other Conic omnipools were affected. Conic Finance plans to release a detailed post-mortem report soon to provide users with more information on the incident.
Conic Finance actively reached out to the perpetrator of the attack using the transaction metadata. They issued a warning, cautioning users that anyone claiming to recover funds on behalf of Conic Finance is likely attempting to scam them. Users should remain vigilant and rely only on official communication channels from Conic Finance for accurate information.
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The hack had a severe impact on the price of Conic Finance’s native token, CNC, which plummeted by 77.16% in a single day, dropping from $5.92 to $1.34. However, CNC has since recovered and is currently trading at $2.90 at the time of writing.
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In conclusion, the recent hacking incident on Conic Finance has brought attention to the vulnerabilities within the DeFi space. It serves as a reminder for users to exercise caution and verify information directly from official sources to protect themselves from potential scams and security breaches.
