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Reading: DeltaPrime Targeted in $6 Million Hack Attack on Arbitrum Blockchain!
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EdaFace Newsfeed > Latest News > Security & Hacks > DeltaPrime Targeted in $6 Million Hack Attack on Arbitrum Blockchain!
Security & Hacks

DeltaPrime Targeted in $6 Million Hack Attack on Arbitrum Blockchain!

vitalclick
Last updated: September 16, 2024 11:55 am
8 months ago
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Contents
Details of the AttackInvestigation ContinuesHacking Attacks Continue to Increase

It has been reported that the decentralized finance (DeFi) protocol DeltaPrime experienced a significant hack on its system operating on the Arbitrum Blockchain. Initially, approximately $4.5 million was found to have been stolen from the protocol, and with the malicious transactions that took place afterwards, the total loss reached almost $6 million.

Details of the Attack

On-chain security firm Cyvers confirmed that there were “multiple suspicious transactions” linked to DeltaPrime. The affected pools include stablecoins USDC, Arbitrum’s ARB, and Bitcoin (BTC) $59,001 It is located.

According to Cyvers CTO Meir Dolev, the attack is believed to have been carried out via private key compromise. The hackers took over the admin wallet that manages proxy contracts for DeltaPrime’s protocol, redirected those contracts to a malicious contract, and drained the pools at Arbitrum, stealing around $6 million.

Stolen funds were transferred from USD Coin (USDC) stablecoins to Ethereum $2,318It was found that it was converted to (ETH). DeltaPrime, both Arbitrum and Avalanche $24 network. No similar vulnerabilities have been found in Avalanche-based operations so far. The protocol’s main network asset, PRIME, fell 6 percent to $1 following the attack.

Investigation Continues

Details of how the private key was compromised are still being investigated. Blockchain analyst ZachXBTDeltaPrime has previously employed North Korean IT staff, but it is unclear whether this is related to the current attack. DeltaPrime has not yet made an official statement regarding the attack.

North Korean hackers have increasingly been linked to large-scale cyberattacks on cryptocurrency exchanges. The U.S. government has linked North Korean cybercriminals to several major hacks, including the $600 million Axie Infinity theft in 2022. The United Nations accuses North Korea of ​​using cyberattacks to fund its nuclear and missile programs, which North Korea denies.

Hacking Attacks Continue to Increase

The attack follows a massive breach of Indian cryptocurrency exchange WazirX two months ago that saw it lose more than $230 million. These high-profile attacks are part of a growing trend of attacks in the crypto space in 2024. Blockchain researcher TRM Labs reported that the amount of crypto stolen globally will more than double in the first half of 2024, topping $1.38 billion as of June, compared to $657 million in the same period in 2023.

As the investigation progresses, the crypto community will be closely monitoring DeltaPrime’s response and the steps it takes to prevent future attacks.

This incident once again highlights the security sensitivity of decentralized finance protocols. The security of private keys and access to administrator wallets are critical to the integrity of the protocols. In light of increasing hacking attacks, the DeFi ecosystem needs to develop stronger security protocols and take proactive measures to minimize user losses.

Disclaimer: The information contained in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.

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