Ethereum-Based Decentralized Finance Protocol Loses $3,260,000 in ETH to Hackers

Reports are swirling that chaotic exploitations of the Ethereum-based decentralized finance (DeFi) protocol Conic Finance totaled over $3.2 million

Crypto security firm Beosin announced the malicious attack, which mostly occurred on an Ethereum liquidity pool providing omnibound securities to Curve Finance.

In response, Conic Finance firmly took actions to prevent this attack from happening again—with a further step to trace the crypto bad actor(s) responsible for the exploit .Regional updates on social media warned investors to be wary of suspicious solicitations regarding stolen funds.

Quite the demolishing haul: prior to hacks, the digital asset for CNC coursed at $5.92 ,
falling a disheartening 77.16% for a single trading day.

Robert Wilson author
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