ConcentricFi, an Arbitrum-based liquidity management protocol, has officially acknowledged a security breach on its smart contract. The incident, first reported by blockchain security firm CertiK, caused an estimated $1.6 million in damages. The exploit targeted ConcentricFi’s vault approvals, prompting the protocol to advise users to revoke all permissions and stop interacting. The security breach was discovered following an alert from CertiK, which assessed the damages based on its analysis of the threat actor’s wallet. CertiK identified wallet address 0x5A58D1a81c73Dc5f1d56bA41e413Ee5288c65d7F, which was previously linked to the OKX exploit on December 13, 2023, as the most likely culprit in the ConcentricFi breach.