Concentric Finance

Social Engineering

Estimated loss

$1.70M

VERDICT —OUT OF SCOPE

Root cause is social engineering — privileged personnel deceived into authorizing the drain. Contract behaved as written. Defense lives in process controls (multi-party approval, M-of-N signoff windows), not in smart-contract review.

▰ METHOD

SOCIAL ENGINEERING

SOCIAL-ENGINEERING

Root cause

Root-cause analysis not yet published. The incident description below contains all currently available signal — review the attack transaction directly for definitive forensics.

Forensic narrative

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. Attack method (per SlowMist): Social Engineering. Reported loss: $ 1,700,000.

Primary source

https://twitter.com/ConcentricFi/status/1749418658818830622 ↗

Sourced from

slowmist

Technical record