DeltaPrime suffered an attack on its Arbitrum pool, DeltaPrime Blue, in the last 24 hours.
The attacker stole funds worth $5.98 million from the protocol’s wallet as per Cyvers Alert reports.
Cryptocurrency’s active community has combated several scams since the very beginning. However, in the recent 9-month duration of 2024, a surge in crypto scams has been observed. The surge has occurred both in terms of the amount of funds lost and in the magnitude of the hacks. Recently, DeltaPrime DeFi encountered a major hack and loss of funds.
According to Cyvers Alert reports, the DeFi protocol’s wallet lost admin control as a hacker accessed the wallet’s private key in the UTC morning hours of September 16. This resulted in DeltaPrime losing $5.93 million worth of funds. The hacker swapped the stolen USDC tokens to ETH immediately after draining the accessed pools.
These funds were part of the protocol’s USDC, Arbitrum, and BTCb pools. Moreover, Cyvers also stated that the protocol’s DeltaPrime Red multi-sig wallet remained secure. Recently, in the last few hours, the onchain analyst reported that the hacker had begun moving funds to the Tornado Cash platform.
According to Etherscan data, the hacker identified with the address – “0x0BC” transferred 1300 ETH tokens. These tokens worth $3.001 million were transferred to the platform approximately 5 hours ago.
Meanwhile, the founder of Fuzzland was seen stating that the platform had incurred a $7 million loss in funds. He issues a warning alerting users to withdraw funds. On the other hand, the source of the security breach has not yet been identified.
How is DeltaPrime Responding to the Hack?
The DeltaPrime DeFi protocol made an official announcement on its X account following the exploit. As per the announcement, the protocol’s DeltaPrime Blue – its Arbitrum pool – was attacked and drained of $5.98 million in funds.
Moreover, DeltaPrime stated that its Avalanche pool was safe as it functions using multi-sig and cold wallets. Additionally, in terms of recovery, the protocol said that the breach was contained and it’s working on asset retrieval. Furthermore, DeltaPrime’s insurance pool will be used to cover potential losses, according to the DeFi protocol.Meanwhile, the crypto community, as aforementioned, has seen several hacks over the past months. The WazirX platform’s hack was one of the largest this year. Additionally, a recent report by the FBI stated that $5.6 billion in funds were lost to crypto scams in 2023.
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