Incident Overview
Conic Finance on Ethereum was exploited due to a reentrancy issue, resulting in a loss of 3,254,850 $USD.
Conic Finance is a protocol for liquidity providers on Curve pools. The project fell victim to a reentrancy attack due to a wrong assumption about the address returned by the Curve Meta Registry for ETH in Curve V2 pools. As a result, 1,724 $ETH equivalent to approximately 3,254,850 $USD were stolen and transferred to another EOA, where they currently remain.
Interestingly, there was an unsuccessful attack attempt 10 minutes before the successful attack. A transaction was marked as read-only reentrancy. Conic has reached out to the exploiter via a transaction sent from the official Conic Multisig address.
Attacker Address:
https://etherscan.io/address/0x8D67db0b…7DC8Aa
Funds Holder Address:
https://etherscan.io/address/0x3d32c5a2…ae3010
Malicious Transaction:
https://etherscan.io/tx/0x8b74995d…bbe146
Unsuccessful Attack Attempt:
https://etherscan.io/tx/0x97a8315e…3d2f16
Incident Report
Protocol Information
Market Context at Time of Hack
What the Attacker Needed to Succeed
Understanding the prerequisites for this type of attack helps auditors identify protocols that are most at risk and helps developers build better defenses.
What Auditors Should Check
If you're auditing a protocol with similar architecture to Conic Finance, these are the critical security checks that could have prevented this incident (July 2023).
- Verify all logic paths related to Flashloan Reentrancy Attack / Reentrancy are guarded by proper access controls and input validation - see the Flash Loans Attacks attack class for patterns
- Check that all state-changing functions follow the Checks-Effects-Interactions (CEI) pattern to prevent reentrancy and logic ordering bugs
- Review privileged functions (owner, admin, governance) for potential abuse vectors - centralization risks should be documented and bounded with timelocks or multi-sigs
Master these auditing techniques with hands-on labs and real exploit scenarios in the Smart Contract Hacking course.
Free TrialSecurity Audit History
- PeckShield Inc. Report
Related Attack Classes
The technique used in this hack maps to these vulnerability classes in our security curriculum:
Proof-of-Concept Exploits
On-Chain Evidence & References
Sources & References
Learn to Prevent the Next Conic Finance
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