As a seasoned crypto investor with a decade of experience under my belt, I can’t help but feel a sense of deja vu reading about yet another high-profile hack. The DeltaPrime incident is another grim reminder of the risks that come with investing in this space.
It’s been alleged that the decentralized lending platform, DeltaPrime, has experienced a significant cyber attack, potentially costing millions of dollars. The culprits under scrutiny are believed to have ties to North Korea.
In simpler terms, the Decentralized lending platform called DeltaPrime (PRIME), which is supported by Avalanche and GSR Markets, suffered a $4 million hack. This unfortunate event was due to a breach of an administrative private key, as revealed by Chaofan Shou, co-founder of fuzzland, in a post on September 16.
Delta Prime Defi’s admin private key has been compromised, leading to the drainage of all pools. A loss of approximately $7M has occurred already. Please withdraw your funds immediately.
— Chaofan Shou (@shoucccc) September 16, 2024
Despite the uncertainty surrounding how exactly DeltaPrime’s private key was compromised, blockchain investigator ZachXBT pointed out that DeltaPrime had previously hired IT workers from North Korea. Yet, it’s important to note that any individuals flagged in relation to this matter have since been dismissed. This leaves the possibility of a connection between the hack and North Korea undetermined.
In a recent blog post on Cyvers Alerts, blockchain analysts highlighted that the hack focused on the specific version of the protocol deployed on Arbitrum. They also mentioned that the culprit behind this attack has already exchanged the stolen USD Coin (USDC) into Ethereum (ETH).
It appears that the administrator might have misplaced the private key. Meanwhile, a questionable wallet continues to empty the liquidity pools. The pools currently impacted include DPUSDC, DPARB, and DPBTCb.
Cyvers Alerts
As an analyst, I’ve observed that apart from Arbitrum, DeltaPrime also has a protocol deployed on the Avalanche network. However, there are no reports indicating whether this protocol shares the same vulnerabilities as others. After the recent hack, the native token of DeltaPrime, PRIME, dropped by 6%, reaching $1. At the moment of writing, the DeltaPrime team has not issued any public statements regarding this incident.
Launched on the Avalanche network in January 2023, DeltaPrime managed to lock and unlock a total value of around $63 million and released over $20 million in liquidity, as stated on its official website. The protocol received funding from sources like Avalanche, GSR Capital, Moonhill Capital, and Uplift, among others.
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2024-09-16 10:26