Curve omnipool platform Conic Finance hacked for $3.2M in ETH

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Conic Finance, a liquidity pool balancing platform for the decentralized finance (DeFi) protocol Curve, has suffered an exploit on the Ethereum omnipool.

Conic Finance was exploited for $3.26 million in Ether (ETH), the Web3 risk-alert supply Beosin Alert reported on July 21. Practically your entire quantity of stolen cryptocurrency was sent to a brand new Ethereum deal with in only one transaction, in accordance with information supplied by Beosin.

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Conic Finance was fast to confirm the information on Twitter, stating that the platform is presently investigating the exploit and can share updates as quickly as they’re obtainable.

In keeping with preliminary evaluation provided by blockchain safety agency Peckshield, the basis trigger got here from the brand new CurveLPOracleV2 contract.

“Our audit identifies an identical read-only reentrancy difficulty. Nonetheless, the identical difficulty is launched within the newly launched CurveLPOracleV2 contract, which was not a part of the audit scope,” Peckshield wrote.

About an hour after the preliminary report on the assault, Conic Finance additionally said it disabled ETH Omnipool deposits on the Conic entrance finish.

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“Adopted with Conic on this one. Concern was recognized, solely ETH omnipool is affected there,” Curve Finance subsequently wrote.

DeFi hacks will not be new to the trade. In keeping with a report by Web3 portfolio app De.Fi, DeFi hacks and scams allowed hackers to steal greater than $204 million within the second quarter of 2023 alone. The losses from DeFi hacks and scams had been truly smaller in Q2 than in Q1, although, with CertiK reporting that over $320 million was misplaced from January to March.

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