Concentric Confirms $1.6M Private Key Breach on Arbitrum Protocol
The liquidity manager app Concentric has fallen victim to private key exploitation on the Arbitrum network. According to the post on their official X account, the protocol confirmed the incident, revealing that the security breach resulted from a targeted social engineering attack on one of its team members with access to the deployer wallet. This incident resulted in unauthorized access and subsequent exploitation of the protocol.
According to a report from the blockchain security firm CertiK, the attack has resulted in a loss exceeding $1.6 million. Also, the attacking wallet has been linked to the one involved in the OKX decentralized exchange exploit on December 13, suggesting a potential connection between the two incidents.
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