DeltaPrime DeFi Protocol Hit by $5.93M Security Breach on Arbitrum Network

The blockchain security company Cyvers has reported a security leak in the decentralized finance (DeFi) protocol DeltaPrime, which operates on the Arbitrum network.

The Cyvers estimates the loss in the incident to be four and a half million dollars at first, however, after it was reported that the funds had been transferred from DeltaPrime’s DeFi liquidity pools to the “suspicious address,” the loss was recorded as 5.93 million doll.

DeltaPrime DeFi Hacked on ARB Chain: Millions in Crypto Stolen

One of the cybersecurity companies stated that there was “multiple suspicious transactions” related concerning DeltaPrime on ARB chain. Reportedly, the administrator of the protocol’s system lost possession of the personal secret key which is the gateway to the smart contracts on the platform. Because of this breach, the intruder could alter the proxy smart contract and leverage it.

Some of DeltaPrime’s DeFi liquidity pools, such as DPUSDC, DPARB, and DPBTCb suffered due to loss of assets. Cyvers also noted that the suspicious address has begun to exchange USDC tokens to Ethereum (ETH). This news comes hot off the trail of an incident in mid-July where cross chain DeFi protocol Li.Fi, the project was entirely suspected in the disappearance of nearly 11 million dollars in cryptos as a result of an exploit. At that time, reports indicated that the extended address relating to the hacked hands contained in no less than 6 million ETH coins and many stablecoins.

In another situation that occurred earlier in August – an additional fifteen million dollars were stolen from the cross-chain gaming orientated bridge Ronin which is developing a similar strategy for rebuilding its total value.

$5.7M in Stolen Axie Infinity Funds Frozen by Norwegian Authorities

After the recent investigations into the Ronin bridge hack, one update Sky Mavis shared on the X platform was important. The Norwegian judicial agency Kokrim could freeze assets related to the Ronin theft amounting to $5.7 million.

To the affected communities within the Ecosystem of Axie and Ronin, this achievement constituted a significant milestone in seeking accountability and compensation. While this information marked a certain conclusion to depressing events for the community, the interest in more information regarding the return of the assets remained very high.

The post DeltaPrime DeFi Protocol Hit by $5.93M Security Breach on Arbitrum Network appeared first on CoinGape.