DeFi platform Delta Prime suffers $6M breach

Delta Prime was hacked for at least $6 million worth of digital currency, in the latest crypto-related cybersecurity incident.

The decentralized finance (DeFi) platform first suffered a loss of approximately $4.5 million, onchain security platform Cyvers, who wrote in a Sept. 16 X post:

“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!”

However, another wave of malicious transactions has already taken the amount stolen from Delta Prima to nearly $6 million, noted Chaofan Shou, the co-founder of Fuzzland, in a Sept. 16 X post. 

The incident comes nearly two months after a hacker stole over $230 million from WazirX, an Indian cryptocurrency exchange, in the second-largest cryptocurrency hack of 2024 so far.

Related: Top 100 DeFi Hacks: Offchain attack vectors account for 57% of losses

Loss of control of admin wallet led to theft

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:

“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.”

Related: Crypto hackers surpass $1.2 billion stolen in 2024: Immunefi