As a seasoned researcher who has closely observed the ever-evolving landscape of blockchain and cryptocurrency, this latest security breach at DeltaPrime is a grim reminder of the challenges that persist within this industry. The recurrence of significant hacks, despite assurances of improved security measures, paints a concerning picture of the platform’s resilience against malicious actors.
Delta Prime, a platform for decentralized lending and cryptocurrency trading, has suffered a major security incident that resulted in more than $6 million in losses. This vulnerability, uncovered by cybersecurity firm Cyvers, targeted the Arbitrum version of the service and is believed to have stemmed from a leak of a private key.
Multiple blockchain security specialists and observers pointed out a security breach, stating that the culprit had managed to seize control over Delta Prime’s admin proxy. With this control, the attacker could then upgrade the proxy and steer it toward a harmful contract. Consequently, various liquidity pools such as DPUSDC, DPARB, and DPBTCb were depleted due to this manipulation.
Cyvers, a company specializing in blockchain security, verified an exploit and posted on X that they found “several questionable transactions” linked to DeltaPrime. The security firm explained that the issue stemmed from an admin accidentally losing control of a private key, enabling unauthorized access to platform resources. Consequently, users were momentarily prevented from withdrawing their assets from the Arbitrum variant of DeltaPrime because of its lending and borrowing framework.
The DeltaPrime team quickly updated users on Discord and X, previously known as Twitter, about the problem they encountered. They acknowledged the issue and reassured the community that they were actively working towards a solution.
In the recent post, the team stated that the situation is under control, they’re focusing on recovering assets and the insurance will compensate for any unavoidable or essential losses. Moreover, they are exploring additional strategies to minimize the impact of losses for our users.
In the last few months, another major security incident has occurred at DeltaPrime, following a cyberattack in July 2024 that exploited a configuration error, enabling an intruder to seize control of accounts, repay loans, and extract collateral worth $1 million.
After last month’s security incident in July, the DeltaPrime team conducted a new review of their codebase and promised users that any identified vulnerabilities were addressed. Yet, the repeated occurrence of a significant security breach has sparked doubts regarding the effectiveness of their security protocols.
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2024-09-16 15:48