Concentric.Fi Incident Analysis
Contents
Concentric.Fi Incident Analysis
2024. 1. 23.
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Concentric.Fi Incident Analysis
Introduction
On 22nd January, Concentric.fi was exploited leading to losses of over $1.85 million. The wallets that conducted the attack have been doxxed as the OKX exploiter. Concentric announced on X that their protocol was attacked due to a targeted social engineering attack leading to the compromise of one of their teams admin wallets. From there the attackers were able to upgrade Concentric vault contracts with a malicious implementation leading to losses in liquidity pools as well as users who had approved Concentric contracts. This attack has pushed the overall losses in January to above $44.6 million.
Summary
On 22 January 2024, Concentric posted a warning on their X account that they had received reports of a security incident.
44e476b7-9926-4485-a616-33cdcb30e4f0
When examining the project’s contracts, CertiK identified a suspicious wallet that was repeatedly minting CONE-1 LP tokens and burning them, which withdrew funds from Concentric …
2024. 1. 23.
Twitter Logo
Telegram Logo
Reddit Logo
Reddit Logo
Concentric.Fi Incident Analysis
Introduction
On 22nd January, Concentric.fi was exploited leading to losses of over $1.85 million. The wallets that conducted the attack have been doxxed as the OKX exploiter. Concentric announced on X that their protocol was attacked due to a targeted social engineering attack leading to the compromise of one of their teams admin wallets. From there the attackers were able to upgrade Concentric vault contracts with a malicious implementation leading to losses in liquidity pools as well as users who had approved Concentric contracts. This attack has pushed the overall losses in January to above $44.6 million.
Summary
On 22 January 2024, Concentric posted a warning on their X account that they had received reports of a security incident.
44e476b7-9926-4485-a616-33cdcb30e4f0
When examining the project’s contracts, CertiK identified a suspicious wallet that was repeatedly minting CONE-1 LP tokens and burning them, which withdrew funds from Concentric …