Conic Finance
Summary
Conic Finance was a DeFi liquidity-diversification protocol built on Curve Finance that allowed users to deposit assets into Omnipools across multiple Curve pools. On July 21, 2023, the protocol suffered two separate exploits totaling approximately $4.2 million — a $3.26 million read-only reentrancy attack on its ETH Omnipool and a subsequent $300,000 sandwich attack on its crvUSD Omnipool — after which TVL never recovered. In March 2025, the team formally shut down the protocol, citing an inability to fix critical security issues in a planned v2 upgrade.
Connected Entities
1 entities · 10 linked investigationsTimeline(8 events)
2023-03-08
Conic Finance launches; attracts over $60 million TVL within days offering Curve Omnipool diversification with up to 21% APY on USDC
CoinDesk2023-07-04
First minor exploit of $1,600 via pool manipulation — an early signal of pool imbalance vulnerabilities
CertiK Incident Analysis2023-07-21
ETH Omnipool drained of 1,724 ETH (~$3.26 million) via read-only reentrancy exploit exploiting a WETH/ETH address mismatch in CurveLPOracleV2
Conic Finance Post-Mortem / CoinDesk2023-07-21
crvUSD Omnipool exploited for ~$934,000 (~$300k attacker profit) via sandwich attack hours after the ETH exploit; 9 ETH routed to Tornado Cash
Conic Finance Post-Mortem / CertiK2023-07-21
Conic pauses all Omnipools and disables deposits; publishes incident acknowledgment; MEV bot voluntarily returns ~81 ETH
Conic Finance Medium / Rekt News2023-07-22
Conic Finance publishes full post-mortem detailing root cause of both exploits and committing to v2 development with fresh audits
Conic Finance Medium2023-12-12
CNC token surges 50% as Conic announces comeback plans and v2 development progress; TVL shows partial recovery
CoinDesk2025-03-07
Conic Finance announces permanent shutdown; team cites inability to fix critical security issues in v2 despite audits by ChainSecurity and MixBytes; CNC token falls over 80% on the announcement
Conic Finance Medium / DL NewsDecision Log
- hash: BQ7vBuBUpDW7psxM7rVHyu1ub1UJwYd4TUDsKcutBVEF
This investigation is cryptographically anchored to the Solana blockchain and source URLs are archived via the Internet Archive.
model: claude-sonnet-4-6
generated: 5/4/2026, 2:54:40 AM
last updated: 5/28/2026, 3:33:50 PM
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