Shocking Ethereum DeFi Breach Conic Finance Hacked, $3.2M ETH Stolen. Investigation Underway Beosin Alert Reports on July 21.
A severe security issue on the Ethereum Omnipool has been reported by Conic Finance, a well-known liquidity pool balancing platform linked to the decentralized finance (DeFi) protocol Curve. A startling $3.2 million worth of Ether (ETH) was taken from the network as a result of the breach.
The alarming exploit came to light through Beosin Alert, a trusted Web3 risk-alert source, which reported the massive breach on July 21. In a single transaction, nearly the entire sum of pilfered cryptocurrency was swiftly transferred to a new Ethereum address, as data provided by Beosin reveals.
Ethereum DeFi Breach Investigation Underway
Conic Finance swiftly acknowledged the incident on their Twitter account, assuring their users that a thorough investigation into the exploit is already underway. They pledged to keep the community informed with updates as soon as they became available.
Initial analysis conducted by the renowned blockchain security firm Peckshield points to the new CurveLPOracleV2 contract as the root cause behind this devastating hack. The audit conducted by Peckshield unveiled a read-only reentrancy issue, but intriguingly, the same vulnerability emerged in the recently introduced CurveLPOracleV2 contract, which had not been included in the audit scope.
As Conic Finance grapples with the aftermath of this security breach, the DeFi community closely monitors the situation. This incident serves as a crucial reminder of the ongoing need for robust security measures in the ever-evolving DeFi space. As the investigation progresses, stakeholders await further details and actions to safeguard against similar exploits in the future.