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.

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