Decentralized finance (DeFi) platform Delta Prime has fallen victim to a cybersecurity breach, resulting in the loss of approximately $6 million worth of digital assets.
Decentralized finance (DeFi) platform Delta Prime has fallen victim to a cybersecurity breach, resulting in the loss of approximately $6 million worth of digital assets, the latest in a string of high-profile crypto-related incidents.
The attack, which was first reported on September 16th, saw the hackers gain control of Delta Prime's admin wallet, allowing them to drain the platform's liquidity pools on the Arbitrum blockchain.
Meir Dolev, the CTO of onchain security firm Cyvers, noted that the hackers likely exploited a private key vulnerability to execute the theft.
"Hackers took control of the wallet which is the admin of Delta Prime proxy contacts, later on, upgraded these contracts to point to his malicious contract that enabled the hacker to drain Delta Prime pools on the Arbitrum chain. Total loss is $6 million USD," Dolev said.
The incident comes nearly two months after a separate hack targeting the Indian cryptocurrency exchange WazirX, which resulted in the loss of over $230 million, making it the second-largest crypto heist of 2024 so far.
According to Chaofan Shou, the co-founder of security firm Fuzzland, the amount stolen from Delta Prime has continued to climb, reaching nearly $6 million as of September 16th.
This follows an initial estimate of around $4.5 million in losses, as reported by Cyvers in an earlier X post.
The growing threat of North Korean hackers targeting larger crypto assets, such as Bitcoin exchange-traded funds (ETFs), has also been a concern.
Michael Pearl, the vice president of GTM strategy at Cyvers, warned that these groups, including the infamous Lazarus Group, may begin shifting their focus to the sizable holdings of the U.S.-based Bitcoin ETFs, which currently hold over $53.4 billion worth of BTC.
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