Conic Finance DeFi Protocol Hacked, IDR 48.1 Billion Crypto Disappears
Follow Us @
Conic Finance DeFi Protocol Hacked, IDR 48.1 Billion Crypto Disappears
Liputan6.com, Jakarta Hackers have attacked the decentralized finance (DeFi) protocol Conic Finance and stolen 1,700 Ethereum worth more than USD 3.2 million or the equivalent of IDR 48.1 billion (assuming an exchange rate of IDR 15,043 per US dollar).
In a tweet on Friday, July 21, 2023 Conic said he was continuing to investigate the root cause of the exploit and was consulting with relevant parties. As a follow up, the team claims safe withdrawals.
Reporting from Yahoo Finance, Monday (24/7/2023), the stolen cryptocurrencies were all sent to one address, blockchain security firm Beosin said in a tweet.
Conic Finance is a new application that allows users to deposit tokens into “omnipools”, which allows them to earn prizes. The idea is that users can diversify funds across the decentralized Curve exchange using Conic Finance’s liquidity pool.
Hackers targeted the Ethereum omnipool. Conic Finance has since said deposits have now been deactivated to the pool.
Such exploits are very common in the crypto-environmental DeFi space which aims to replace traditional financial services such as borrowing and lending via blockchain technology.
Such apps are new and experimental and therefore sometimes have systems that can be exploited by hackers. Last year was the biggest year for hacks in the crypto space according to blockchain data firm Chainalysis.
Most of those attacks take place in the DeFi space. DeFi traders lost USD 228 million or equivalent to IDR 3.4 trillion in just three months, in the second quarter of this year alone, a 63 percent increase compared to the same period last year.
Disclaimer: Every investment decision is in the hands of the reader. Study and analyze before buying and selling Crypto. Liputan6.com is not responsible for profits and losses arising from investment decisions.
Conic Finance DeFi Protocol Hacked, IDR 48.1 Billion Crypto Disappears
Follow TODAYSGIST on Google News and receive alerts for the main trending news on cryptocurrency, market trends, upcoming events, predictions, sanctions and lots more!
SHARE POST AND EARN REWARDS:
Did you like this post?!!! Join our Audience reward campaign and make money reading articles, shares, likes and comment >> Join reward Program
FIRST TIME REACTIONS:
Be the first to leave us a comment, down the comment section. click allow to follow this topic and get firsthand daily updates.
JOIN US ON OUR SOCIAL MEDIA: << FACEBOOK >> | << WHATSAPP >> | << TELEGRAM >> | << TWITTER >
#Conic #Finance #DeFi #Protocol #Hacked #IDR #Billion #Crypto #Disappears
-
usa today entertainment3 months ago
Red Eye (TV series 2024) Download Mp4 ▷ Todaysgist
-
usa today entertainment3 months ago
Luxe Listings Toronto (TV series) Download Mp4 ▷ Todaysgist
-
Cryptocurrency3 months ago
Perpetrator Laundering Money Using Crypto Worth IDR 3.7 Trillion Caught in Hong Kong
-
usa today entertainment3 months ago
HYBE Confirms There Was an Attempted Rebellion at ADOR, Says Gibah Min Hee Jin with Other Agency Officials
-
Cryptocurrency3 months ago
Today's Crypto Prices 30 April 2024: Bitcoin CS is on fire again
-
usa today entertainment3 months ago
Brigands The Quest For Gold (2024) (Italian) (TV series) Download Mp4 ▷ Todaysgist
-
Sports3 months ago
The schedule for the rematch against Udinese is not favorable for AS Roma
-
Horoscope3 months ago
check out today’s forecast (04/26) for your sign – Cities on the Net