The ongoing attack cost Delta Prime over $6 million in stablecoins, which were later converted to ETH.
Delta Prime Hack Damage Continues to Rise
According to on-chain security platform Cyvers, Delta Prime, a decentralized finance (DeFi) platform, was hacked, causing initial losses of around $4.5 million. The hacker converted USDC to ETH , with the total estimated losses likely to rise.
“Suspicious address converted USDC to ETH! Total loss is now around $4.5 million, but hackers continue to drain pools!” Cyvers announced .
Not long after, another series of malicious transactions brought the total amount stolen to nearly $6 million, according to Chaofan Shou , co-founder of Fuzzland.
According to Meir Dolev, CTO of Cyvers, the hackers took control of the admin wallets of Delta Prime's proxy contracts, thereby upgrading the contracts to link to their malicious contracts.
“The hacker drained all the funds from Delta Prime's pools on Arbitrum , with a total loss of $5.9 million,” Dolev Chia .
This is a major hack that comes just two months after a hacker stole more than $230 million from WazirX, a major Indian cryptocurrency exchange. The WazirX hack is the second-largest of 2024 so far.
According to experts, after hacks involving DeFi platforms, North Korean hackers, including Lazarus Group, may turn their targets to Bitcoin ETFs in the United States due to the huge amount of funds held by these funds.
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