Hacking is a common occurrence in the cryptocurrency industry, with incidents happening almost every day. Recently, Conic Finance, a DeFi protocol, was hacked, as reported by The Block.
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The attacker exploited a security vulnerability, resulting in the theft of 1700 Ethereum (ETH) worth over $3.2 million.
Blockchain security company BlockSEC confirmed in its post that Conic Finance was hacked and revealed that the attacker had been involved in previous hacking events.
@ConicFinance is attacked https://t.co/Igqeu3pgpU, leading to a profit of more than 3M.
— BlockSec (@BlockSecTeam) July 21, 2023
Coinc Finance addressed the situation in its post, stating, “We are investigating the root cause of the abuse and consulting with relevant parties. ETH Omnipool deposits in Conic Finance have been disabled.”
Followed with Conic on this one. Issue was identified, only ETH omnipool is affected there https://t.co/dhuCKfuWC8
— Curve Finance (@CurveFinance) July 21, 2023
After news of the hack, Conic Finance’s token CNC experienced a 35% drop.
Important:Â Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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