A decentralized finance (DeFi) protocol built on top of the Ethereum (ETH) smart contract platform has been hacked at a cost of approximately $3.2 million.
New data shows that Conic Finance (CNC), which provides omnipools or liquidity pools that allow all trades on a network to take place in a single transaction, has lost to Curve Finance (CRV) exploited for $3.26 million, according to crypto security firm Beosin.
In response to the attack, which only affected the Ethereum omnipool of the protocol, Conic Finance handicapped pour in.
However, about an hour later, Conic as long as an update saying the exploit has been fixed so it can never happen again.
“The root cause was a re-entry attack that could be executed due to a wrong assumption about what address is returned by the Curve Meta Registry for ETH in Curve V2 pools. A solution is implemented for the affected contract.
The exploit cannot be redone for the ETH Omnipool. Recordings are safe. This problem does not affect other Conic omnipools. A more detailed post-mortem will be published soon.”
Conic says yes reached out through the transaction to the malicious person and warns that someone else who contacts users to recover money is trying to scam them.
“Conic has contacted the exploiter via a [transaction] sent from the official Conic Multisig address. Other [transactions] claiming to recover money on behalf of Conic his scam.
The debacle had a significant impact on CNC’s price. The digital asset fell as much as 77.16% on the day, falling quite from $5.92 all the way to $1.34. It has since recovered and is trading at $2.90 at the time of writing.
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Image generated: Midway through the journey
