⚡ Breach in Concentric Protocol Detected!
posted 22 Jan 2024
Concentric, a liquidity management protocol on the Arbitrum network, has suffered an exploit. A social engineering attack on a team member enabled a hacker to access the wallet utilized for smart contract deployments.
Leveraging this breach, the attacker minted LP tokens, resulting in a loss of approximately $1.8 million for the protocol.
Users are advised to revoke all permissions associated with the protocol from their wallets. The project's team has reported that they have initiated a thorough investigation and will soon publish a detailed report.
Certik, a blockchain cybersecurity auditor company, has raised suspicions that this hacker may also be involved in the recent breach of the decentralized exchange OKX.
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