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Liquidity management firm reports hack, token price falls by 60%

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Currently, the overall cryptocurrency market is experiencing bearish momentum, with major cryptocurrencies like Bitcoin, Ethereum, Solana, bitcoin Cardano, and many others continuously falling. Amidst this, cryptocurrency security firm PeckShield made a post on X (previously Twitter) that ConcentricFi (CONE) is currently experiencing a hack, as its price has significantly plummeted. ConcentricFi reports exploitation on X
On January 22, 2024, the crypto security firm posted on X thatConcentricFi has reported being exploited. Its official X account stated, “PLEASE DO NOT INTERACT WITH THE PROTOCOL; WE ARE RECEIVING REPORTS OF A SECURITY INCIDENT.” 
Following this post on X, CONE’s exploiter managed to steal around $1.72 million worth of cryptocurrencies. They converted the stolen funds into approximately 716 Ethereum (ETH). The hacker then split the stolen ETH into three different addresses: 300 ETH in the first address (0xfd68…6030), 300 ETH in the second address (0x1F14…C42d, labeled as ‘OKX DEX Exploiter’), and 115.75 ETH in the third address (0x1786…4c34).
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Currently, ConcentricFi (CONE) is trading near $0.77, and in the last 24 hours, it has experienced over 60% downside momentum. This significant fall in the price of CONE is directly related to the recent exploitation.
However, before 2:00 PM, there was nothing that happened to the price of CONE, as it was trading near $1.86. But suddenly, at 2:12 PM, its price dropped significantly, and since then, it has been trading near $0.75.
This is not the first time in 2024 that exploitation has happened in this rapidly evolving cryptocurrency industry. Earlier, several rug pull incidents were reported by Todayq News, in the past few weeks in the cryptocurrency industry. Arbitrum (ARB) also affected by this CONE exploitation
If you are aware of ConcentricFi, it is a DeFi (Decentralized Finance) protocol designed to make managing liquidity on decentralized exchanges like Camelot and Uniswap easier. It is built on the Arbitrum ecosystem. Using automated strategies, it addresses issues such as impermanent loss and optimizes the balancing of funds across different liquidity pools. In simpler terms, Concentric aims to simplify and automate the process of managing funds on decentralized exchanges, making it more efficient for users.
However, it looks like exploiters are still present, and they might be stealing more cryptocurrencies from ConcentricFi. As it is built on Arbitrum, the native token ARB is also affected by this ongoing hack. According to data from Coinmarketcap, ARB’s price has also plummeted by over 8% in the last 24 hours.
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