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  • Conic Finance hacked for $3.26 million

    Hackers exploited a vulnerability in the CurveLPOracleV2 contract.

    On the Ethereum omnipool network, the liquidity-balancing platform Conic Finance for the Curve decentralised finance protocol was compromised.

    Cryptocurrencies worth $3.26 million worth of Ether were taken from Conic Finance, claims Web3 risk alert source Beosin Alert. Almost all of the stolen cryptocurrency was transferred to a new wallet on the Ethereum blockchain in a single transaction.

    Conic Finance's creators swiftly acknowledged the hack on Twitter, announcing that they were looking into it and promising to share more information as soon as it became available.

    An early analysis by blockchain cybersecurity firm Peckshield determined that the attack was brought on by a flaw in the recently released CurveLPOracleV2 contract.

    The Conic Finance team disabled deposits in the ETH Omnipool on their front-end about an hour after the initial reports of the attack.

    Developers from Curve Finance, who were keeping an eye on the situation, subsequently confirmed that the issue only affected the ETH omnipool pool.

    Decentralized financial systems frequently experience hacker attacks. DeFi, a web3 portfolio app, claims that in just the second quarter of 2023, over $204 million was stolen through scams and hacks. Losses were lower than they had been during the first quarter, when, according to CertiK, more than $320 million had fallen prey to cybercriminals.

    Author DeepWeb
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