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Conic Finance drained of $3.2 million in security attack

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DeFi protocol Conic Finance suffered an exploit by a hacker who managed to make off with 1700 ether.

A hacker stole 1700 ether, valued over $3.2 million.Connect/Create WalletNo wallet? No problem. You can set one up for free. We recommend Torus for first-time users.DeFi protocol Conic Finance suffered an exploit today by a hacker who managed to make off with 1700 ether , 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.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 entitled to.

© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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