Concentric.fi DeFi Protocol Suffers Targeted Social Engineering Attack

According to Foresight News, a team member holding the contract deployer wallet of DeFi protocol Concentric.fi was targeted in a social engineering attack. The attacker exploited a vulnerability to upgrade the vault, mint new LP tokens, and drain the platform's assets. The platform has initiated an investigation and contacted several security researchers to analyze the vulnerability, prevent further damage, and identify the exploiters. Additionally, the project team will release a detailed post-incident analysis report as soon as possible. Foresight News previously reported that the Concentric.fi platform was attacked due to a vulnerability, with preliminary estimated losses of $1.6 million.