Delta Prime Hacked: $6M Lost in DeFi Cybersecurity Breach
Delta Prime Hacked for $6M as Arbitrum Pools Drained
In a significant blow to the decentralized finance (DeFi) space, Delta Prime, a DeFi platform operating on the Arbitrum chain, was hacked for nearly $6 million in digital currency. The hack was first detected by Cyvers, an onchain security platform, which reported the loss of approximately $4.5 million on September 16. However, a subsequent wave of malicious transactions increased the total stolen amount to nearly $6 million, according to Chaofan Shou, the co-founder of Fuzzland.
Private Key Exploit Led to Massive Theft
The attack stemmed from a private key exploit, as explained by Cyvers CTO Meir Dolev. The hackers gained control of Delta Prime’s admin wallet, allowing them to upgrade the platform’s proxy contracts and redirect funds to their own malicious contracts. As a result, the pools on the Arbitrum chain were drained, resulting in a total loss of $5.9 million.
WazirX Hack: A $230 Million Breach
The Delta Prime incident follows a series of high-profile hacks in 2024, including the theft of over $230 million from WazirX, an Indian cryptocurrency exchange, making it the second-largest crypto hack of the year. WazirX’s breach in July highlighted vulnerabilities in centralized exchanges, further underscoring the need for robust security measures within the crypto space.
Indodax Exchange Hack Adds to Growing Concerns
In addition to Delta Prime and WazirX, the Indodax Crypto Exchange was also targeted in a recent attack, contributing to a growing number of cyber incidents in the crypto industry. While the exact amount of losses from the Indodax hack is still under investigation but it is around $22M, these events reveal the increasing risks faced by both centralized and decentralized platforms.
North Korean Hackers Eye Bitcoin ETFs
Amid these developments, cybersecurity experts warn of potential future threats, including North Korean hackers targeting U.S.-based Bitcoin exchange-traded funds (ETFs). According to Michael Pearl, Vice President of GTM Strategy at Cyvers, the massive holdings of Bitcoin ETFs, totaling $53.4 billion, present a lucrative target for cybercriminals. With increasing warnings from the FBI about such threats, it’s clear that the crypto industry faces mounting challenges in safeguarding assets.
As hackers continue to exploit vulnerabilities across various platforms, the need for advanced security solutions becomes ever more critical to protect the growing crypto ecosystem.
