This latest breach highlights the growing risks in the world of crypto, where hackers continue to make headlines.
On September 16th, Delta Prime experienced a major security breach. Let’s explore more about this crypto hack.
Impact and Future Risks for Delta Prime
Initially, the hackers stole about $4.5 million worth of stablecoins. Stablecoins are digital money designed to keep their value steady, like the US dollar. The stolen coins were quickly swapped for Ethereum (ETH), another type of digital currency.
Cyvers, a company that monitors online security, was the first to report the attack. They mentioned that a “suspicious address” had converted the stolen USDC (a type of stablecoin) into ETH. They also warned that the total loss could grow because the attackers were still draining funds from Delta Prime.
🚨ALERT🚨Our system has detected multiple suspicious transactions involving @DeltaPrimeDefi on $ARB chain! (Still ongoing)
It seems that admin has lost the private key. Suspicious address still draining the pools! Affected pools so far are the #DPUSDC, #DPARB, #DPBTCb !… pic.twitter.com/8sXanAaCwe
— 🚨 Cyvers Alerts 🚨 (@CyversAlerts) September 16, 2024
Later, Chaofan Shou, co-founder of Fuzzland, confirmed that the amount stolen had risen to nearly $6 million. This makes it one of the bigger crypto hacks of the year.
Delta Prime @DeltaPrimeDefi admin private key leaked. All pools are drained. $7M loss already. Withdraw ASAP!https://t.co/uNn5nZoHp3 pic.twitter.com/se3RebRjpX
— Chaofan Shou (@shoucccc) September 16, 2024
Why Did This Happen?
Experts believe the attack was made possible through a “private key exploit.” This means that the hackers somehow got hold of a secret key used to access Delta Prime’s funds. Meir Dolev, CTO of Cyvers, explained that this kind of exploit can be serious, as it gives hackers access to valuable digital assets.
This breach is a major event, but it’s not the first of its kind. Nearly two months ago, a hacker stole over $230 million from WazirX, an Indian cryptocurrency exchange. That theft was one of the largest in 2024 so far, showing that big losses are not uncommon in the crypto world.
Disclaimer
The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses you may incur due to any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.
