DeFi Protocol Conic Finance Hacked, Loses $3.2 Million in Ether

07/21 12:35

A hacker exploited a vulnerability in the Conic Finance DeFi protocol, resulting in the theft of 1700 ether worth over $3.2 million. The attacker used a reentrancy vulnerability to manipulate a faulty price oracle that Conic relied on, allowing them to drain funds. The hacker executed a flash loan of 20,000 staked ether, which was used to tamper with Conic's price oracle and facilitate the reentrancy attack. Conic announced on Twitter that they were investigating the exploit and would provide updates.

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