ConcentricFi Reports Security Breach: $1.6 Million Lost

ConcentricFi, a prominent financial platform on the Arbitrum network, confirmed a significant security breach. The exploit, discovered recently, resulted in approximately $1.6 million in losses.

ConcentricFi Admits to Security Breach

Investigations revealed a concerning connection. Indeed, the exploiter’s wallet is linked to the notorious OKX Exploiter, suggesting a potentially larger threat to the crypto community.

Following the announcement of this news, there was an immediate and significant impact on the market, leading to a 57% crash in Concentric.fi (CONE) prices.

In an immediate response, ConcentricFi issued an urgent warning, advising users to refrain from interacting with the protocol due to the ongoing security incident. This proactive approach reflects their commitment to user safety and the integrity of their system.

“Please do not interact with the protocol we are getting reports of a security incident,” ConcentricFi warned.

ConcentricFi’s security breach highlights the growing challenges in digital asset security. The firm is actively working with cybersecurity experts to address the exploit, reinforcing its dedication to providing a secure financial environment.

This is a developing story…

The post ConcentricFi Reports Security Breach: $1.6 Million Lost appeared first on BeInCrypto.

Source link