Prime

Delta

Delta Prime was hacked for at least $6 million worth of digital currency, in the latest crypto-related cybersecurity incident.
The <a data-ct-non-breakable="null" href="https://cointelegraph.com/learn/defi-a-comprehensive-guide-to-decentralized-finance" rel="nofollow noopener" target="_blank" text="null" title="https://cointelegraph.com/learn/defi-a-comprehensive-guide-to-decentralized-finance">decentralized finance (DeFi)</a> platform first suffered a loss of approximately $4.5 million, onchain security platform Cyvers, who <a data-ct-non-breakable="null" href="https://x.com/CyversAlerts/status/1835568466901766208/photo/1" rel="null" target="null" text="null" title="null">wrote</a> in a Sept. 16 X post:
<blockquote>
 “Suspicious address already swapped USDC to ETH! Total estimated loss is around $4.5M so far! however, a suspicious address is still draining the pools! Total loss might increase!”
</blockquote>
<figure>
 <img alt="DeFi platform Delta Prime suffers $6M breach" name="" src="https://s3.cointelegraph.com/uploads/2024-09/0191f9b5-655b-77ef-b25d-8dc42a3234b5">
 <figcaption style="text-align: center;">
 Delta Prime hack. Source: <a data-ct-non-breakable="null" href="https://x.com/CyversAlerts/status/1835568466901766208/photo/1" rel="null" target="null" text="null" title="null">Cyvers</a>
 </figcaption>
</figure>
However, another wave of malicious transactions has already taken the amount stolen from Delta Prima to nearly $6 million, <a data-ct-non-breakable="null" href="https://x.com/shoucccc/status/1835569383462097330" rel="null" target="null" text="null" title="null">noted</a> Chaofan Shou, the co-founder of Fuzzland, in a Sept. 16 X post.&nbsp;
The incident comes nearly two months after a hacker stole over <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/indian-crypto-exchange-wazirx-hack-235m" rel="null" target="null" text="null" title="null">$230 million from WazirX</a>, an Indian cryptocurrency exchange, in the second-largest cryptocurrency hack of 2024 so far.
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/top-100-de-fi-hacks-offchain-attack-vectors-account-for-57-of-losses" rel="null" target="null" text="null" title="null">Top 100 DeFi Hacks: Offchain attack vectors account for 57% of losses</a>
<h2 id="loss-of-control-of-admin-wallet-led-to-theft">Loss of control of admin wallet led to theft</h2>
The amount of stolen funds from the attack is nearly $6 million, with more potential losses ahead.
The attack has likely stemmed from a private key exploit, according to Meir Dolev, the CTO of Cyvers.
The onchain security expert told Cointelegraph:
<blockquote>
 “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 this enabled the hacker to drain Delta Prime pools on the Arbitrum chain. Total loss is $5.9 million USD.”
</blockquote>
<figure>
 <img alt="DeFi platform Delta Prime suffers $6M breach" name="" src="https://s3.cointelegraph.com/uploads/2024-09/0191f9c0-966a-7e10-99dc-ff570a66eb94">
 <figcaption style="text-align: center;">
 Delta Prime hacker upgrade. Source: <a data-ct-non-breakable="null" href="https://x.com/CyversAlerts/status/1835577325469020283" rel="null" target="null" text="null" title="https://x.com/CyversAlerts/status/1835577325469020283">Cyvers</a>
 </figcaption>
</figure>
 Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/hackers-surpass-1-2-billion-stolen-2024-immunefi" rel="null" target="null" text="null" title="null">Crypto hackers surpass $1.2 billion stolen in 2024: Immunefi</a>
<h2 id="north-korean-hackers-could-target-bitcoin-etfs-next">North Korean hackers could target Bitcoin ETFs next</h2>
North Korean hackers, including the infamous Lazarus Group, may begin targeting larger objectives, including United States-based Bitcoin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/bitcoin-price" rel="null" target="null" text="null" title="null">BTC)</a> exchange-traded funds (ETFs).
Hackers could start shifting their attention to the US Bitcoin ETFs due to the sizable potential bounty, according to Michael Pearl, vice president of GTM strategy at onchain security company Cyvers.
Pearl told Cointelegraph in an exclusive interview:
<blockquote>
 “Only recently the FBI has issued a warning that North Korean hackers are going to try to infiltrate and steal money from ETFs. So, all those ETFs […] are storing the base Bitcoin somewhere. And you can be certain that somebody is already planning and thinking of how they're going to steal it.”
</blockquote><iframe width="100%" height="315" src="https://www.youtube.com/embed/0lKjfiV67fc" frameborder="0" allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen></iframe>
Cyvers’ Michael Pearl, interview with Cointelegraph’s Zoltan Vardai, clip 1. Source: Cointelegraph
Bitcoin ETFs could present an attractive target for hackers, considering that they <a data-ct-non-breakable="null" href="https://dune.com/hildobby/btc-etfs" rel="null" target="null" text="null" title="null">hold</a> a cumulative $53.4 billion worth of BTC in onchain holdings, according to Dune data.&nbsp;
Magazine: <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/spot-bitcoin-etfs-hackers-risk-caroline-ellison-ftx-prison-hodlers-digest/" rel="null" target="null" text="null" title="null">Bitcoin ETFs may face hacker threats, Ellison seeks no prison time, and more: Hodler’s Digest, Sept. 8 – 14</a>

DeFi platform Delta Prime suffers $6M breach

Table of Contents

Cointelegraph

Other articles published on Sep 16, 2024

Succinct Labs and OP Labs Team Up to Launch New Zero-Knowledge Proof Solution

Circle Partners with Sony to Accelerate USDC Adoption

Bitcoin docking layer exSat gains support from OKX

KuCoin Airdrops KCS Tokens to Typhoon Yagi Victims

What is Manta (MANTA) Coin?

Liquid Mercury Launches Market Making Algorithm for Trading Crypto Derivatives (16 Sep)

Join our free newsletter for daily crypto updates!