May 29, 2024
Latest Cryptocurrency News

Conic Finance Hit by Massive $3.26 Million Ether Hack on Ethereum’s Omnipool

Beosin Alert, a Web3 risk-alert source, reported on July 21 that Conic Finance had been exploited, resulting in a significant loss of $3.26 million worth of Ether (ETH). Shockingly, the vast majority of the stolen funds were transferred to a new Ethereum address in a single transaction, as confirmed by data provided by Beosin.

Responding to the incident, Conic Finance promptly acknowledged the situation on Twitter, reassuring its community that the team is actively investigating the exploit. The platform promised to keep users informed with updates as soon as they become available.

Peckshield, a blockchain security firm, conducted an initial analysis and identified the root cause of the exploit. The issue stemmed from the newly introduced CurveLPOracleV2 contract, which was not initially included in the platform’s audit scope. Peckshield noted a similar read-only reentrancy issue, highlighting the need for further scrutiny in the development and auditing processes.

The incident serves as a stark reminder of the importance of robust security measures in the DeFi space, urging platforms and projects to conduct thorough audits and implement stringent protocols to safeguard user funds.

Photo by Negative Space on Pexels

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