Hackers have hit decentralized finance (DeFi) protocol Conic Finance with an attack and drained 1,700 Ethereum—worth over $3.2 million at current prices.

In a Friday tweet, the protocol said it was “continuing to investigate the root cause of the exploit and are consulting with relevant parties.”

The team behind the DeFi protocol later said the root cause was a “re-entrancy attack,” adding that “a fix to the affected contract is being deployed.” In a follow-up, the team claimed that withdrawals were safe and said that a more detailed post mortem was forthcoming.

The stolen crypto was all sent to one address, blockchain security company Beosin said in a tweet, linking to the transaction.

Conic Finance is a new app which lets users deposit tokens into its “omnipools,” allowing them to earn rewards. The idea is that users can diversify funds across the Curve decentralized exchange using Conic’s liquidity pools.

Hackers targeted the Ethereum omnipool. Conic Finance has since said deposits have now been disabled to that pool.

Exploits like this one are very common in the Go to Source to See Full Article
Author: Mathew Di Salvo

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