<\/p>\n
DeFi protocol Conic Finance confirmed<\/a> that it was exploited via a reentrancy attack earlier today for an undisclosed sum.<\/p>\n A reentrancy attack allows an attacker to drain funds of a vulnerable contract by repeatedly calling the withdraw function before it updates its balance. This attack has been commonly used to exploitation<\/a> several DeFi protocols.<\/p>\n Conic Finance stated that it initially disabled the front end of its Omnipool Ethereum deposits, adding that it has initiated a fix. to the affected contract.<\/span><\/p>\n \u201cThe root cause was a re-entrancy attack that was able to be performed because of a wrong assumption as to what address is returned by the Curve Meta Registry for ETH in Curve V2 pools.\u201d<\/p>\n<\/blockquote>\n Curve Finance also added<\/span><\/a> that only the ETH Omnipool was affected.<\/p>\n According to its website, Conic Finance allows liquidity providers to diversify their exposure to multiple Curve pools easily. Any user can provide liquidity into a Conic Omnipool, which allocates funds across the Curve in proportion to protocol-controlled pool weights.<\/p>\n Conic Finance did not respond to CryptoSlate’s<\/em> request for additional commentary as of press time.<\/p>\n Meanwhile, blockchain security firm Decurity stated<\/a> that the exploit led to the loss of 1724 eth<\/a> worth $3.2 million.<\/p>\n Decurity noted that the exploiter was active yesterday and performed a series of small hacks before attacking the CNCETH pool today. They also tried an unsuccessful transaction 10 minutes before successfully exploiting Conic Finance.<\/p>\n BlockSec corroborated<\/a> the report, noting that the hacker was labeled as the Lady Pepe Exploiter by MetaDock.<\/p>\n This exploit continues a relatively busy month for hackers targeting crypto projects. Data from DeFillama shows<\/a> that over $100 million in digital assets have been stolen from several protocols, including the cross-chain bridge multichain<\/a> ,multi<\/a>,<\/p>\n The post Conic Finance loses $3.2M to reentrancy attack on ETH Omnipool<\/a> appeared first on CryptoSlate<\/a>,<\/p>\n\n