The DeFi protocol Concentric Finance, built on the Camelot v3 protocol, has suffered a severe security breach. In an official post on social media, Concentric.fi stated that the security breach due to a targeted social engineering attack on one of their team members holding the deployer wallet. The attacker exploited vulnerabilities to upgrade the vaults, mint new LP tokens, and subsequently drained the platform's assets.Collapse
The DeFi protocol Concentric Finance, built on the Camelot v3 protocol, has suffered a severe security breach. In an official post on social media, Concentric.fi stated that the security breach due to a targeted social engineering attack on one of their team members holding the deployer wallet. The attacker exploited vulnerabilities to upgrade the vaults, mint new LP tokens, and subsequently drained the platform's assets.
- Amount of loss
- $ 1,700,000
- Attack method
- Social Engineering