DeFi
Protocol DeltaPrime Suffers $5.9 Million Loss
in Private Key Exploit
DeFi Protocol DeltaPrime Suffers $5.9 Million Loss in Private Key Exploit
Crypto security firm Cyvers reported “multiple suspicious transactions” on the
DeFi protocol, draining millions from its liquidity pools.
By Adrian Zmudzinski
Sep 16, 2024 Sep 16, 2024
2 min read
Hacks in the crypto industry are quite common. Image: Shutterstock.
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Crypto cybersecurity firm Cyvers has reported a security incident affecting
DeltaPrime, a decentralized finance (DeFi) protocol on the Arbitrum network.
According to a tweet from Cyvers, the ongoing incident resulted in an initial
estimated loss of $4.5 million—subsequently updated to $5.93 million as a
“suspicious address” continued to drain funds from DeltaPrime’s liquidity
pools.
ð¨ALERTð¨ @DeltaPrimeDefi has faced a security incident on their admin
keys.
Attacker had control on the private key of
0x40e4ff9e018462ce71fa34abdfa27b8c5e2b1afb
then he upgraded the proxy!
So far $5.93M has been drained!
Want to keep your company off our alerts radar? Learn… https://t.co/yOmNZJyp5l
pic.twitter.com/lztFvXVmfI
— ð¨ Cyvers Alerts ð¨ (@CyversAlerts) September 16, 2024
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The security firm stated that their system detected “multiple suspicious
transactions” involving DeltaPrime on the Arbitrum (ARB) chain, adding that
the protocol's administrator may have lost control of their private key ,
leading to unauthorized access to the platform's smart contracts .
Control over this key allowed the entity to update the proxy smart contract to
execute the attack.
The incident has affected several of DeltaPrime's liquidity pools,
including DPUSDC, DPARB, and DPBTCb. Cyvers noted that the address associated
with the suspicious activity has begun converting USDC tokens to Ethereum
(ETH• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Ethereum).
The news follows mid-July reports that cross-chain DeFi protocol Li.Fi is
suspected to have lost about $11 million in cryptocurrencies• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта in an exploit.
Reports at the time indicated that a wallet linked to the hack held nearly $6
million in Ethereum• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Ethereum alongside numerous stablecoins.
In a similar early August incident, cross-chain gaming-focused bridge Ronin
saw $12 million siphoned from its wallets by white-hat hackers. They
subsequently contacted Ronin’s developers to arrange for the return of the
funds that they had preemptively siphoned from the bridge in order to prevent
a bad-faith hack.
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Edited by Stacy Elliott .
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