Concentric.fi lost about $1.85 million after a targeted social engineering attack compromised an admin wallet and let the attacker transfer contract ownership to 0x3F06. CertiK says the attacker upgraded Concentric liquidity-pool contracts with a malicious implementation, used adminMint and burn flows to drain vault assets, and also stole funds from users who had approved Concentric contracts. The proceeds were swapped to ETH and split across attacker wallets, including addresses linked to the December 2023 OKX exploiter and a wallet associated with the earlier UnoRe exploit. The incident highlights how private-key compromise and upgradeable-contract control can turn project administration into a direct theft path.