Conic Finance drained of $3.2 million in security attack | Headlines | News | CoinMarketCap
07/21/2023 19:33
DeFi protocol Conic Finance suffered an exploit today by a hacker who managed to make off with 1700 ether (over $3.2 million), according to security …
The Block16 minutes ago
Conic Finance
Published on July 21, 2023 12:17 GMT+00:00edited on July 21, 2023 12:19 GMT+00:00
DeFi protocol Conic Finance suffered an exploit today by a hacker who managed to make off with 1700 ether (over $3.2 million), according to security analysts at BlockSec. Conic is a DeFi protocol designed to allocate funds across the Curve decentralized exchange using the liquidity pools it operates.
The unidentified attacker exploited a reentrancy vulnerability, which subsequently allowed the manipulation of a faulty price oracle that Conic relied on. This enabled them to drain funds, said Matthew Jiang, the director of security services at BlockSec, in an interview with The Block.
Such an attack leverages the ability to repeatedly call a function within a single transaction before the initial function call completes. This mechanism lets the attacker withdraw more funds than they’re …