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CONCENTRIC APP SUFFERS $1.7M SOCIAL ENGINEERING HACK ON ARBITRUM

By Mohammad Shahidullah
January 22, 2024 at 6:42 pm
Edited by Brian Stone
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The liquidity manager app Concentric experienced a significant security breach
today on the Arbitrum network.

The breach involved a social engineering attack that enabled the unauthorized
acquisition of a critical private key. This key belonged to the protocol’s
deployment account and was instrumental in the attack.

During the incident, the perpetrator managed to manipulate the protocol by
upgrading the vaults and creating new liquidity provider (LP) tokens. This
series of actions ultimately led to the extraction of assets from the vaults.� 

> Exploiter is now targeting approvals on vaults, please revoke all approvals to
> these addresses:https://t.co/3vTEWu23BJ https://t.co/KlZo5PqjlI
> 
> — Concentric.fi (@ConcentricFi) January 22, 2024

The breach was executed by gaining control of an employee’s deployer wallet on
Arbitrum. The $1.7 million in stolen funds were converted into Ethereum and
dispersed across three wallet addresses. Cybersecurity company Cyvers detected
and reported suspicious activities following the incident, raising concerns
within the decentralized finance community.

> 🚨ALERT🚨Our AI system has detected multiple suspicious transactions involving
> $ARB on @ConcentricFi.
> 
> The attacker gained control of @ConcentricFi through social engineering
> tactics.
> Subsequently, stolen funds were converted to $ETH and distributed across three
> distinct EOA.
> The… pic.twitter.com/TW6pT0ES3H
> 
> — 🚨 Cyvers Alerts 🚨 (@CyversAlerts) January 22, 2024

You might also like: CryptoPunk sells for $500K, NFT volume rallies 17%

Further investigation into the attack revealed intriguing connections.
Blockchain security firm CertiK identified a link between the wallet used in
this breach and another involved in a previous exploit of the OKX decentralized
exchange in December. This connection suggests the possibility of the same
individual or group orchestrating both attacks.

Liquidity management protocols, such as the one employed by Concentric, have
gained traction in the defi sector. These protocols help in setting price
boundaries and managing liquidity pools within decentralized exchanges.

Their rise in popularity can be traced back to the introduction of the
concentrated liquidity feature by Uniswap in 2021. This feature enables
liquidity providers to define specific price ranges for asset trading, adding
complexity to liquidity provision and thereby increasing reliance on management
protocols for asset handling.

You might also like: Terra developer Terraform Labs files for Chapter 11
bankruptcy
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