Cryptocurrency broker suffers hack attack and loses more than US$ 6 million

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Cryptocurrency broker suffers hack attack and loses more than US$ 6 million
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On Monday (16), the on-chain cryptocurrency brokerage DeltaPrime was the victim of a hacker attack that resulted in the loss of more than US$ 6 million in various tokens. The attack occurred after an alleged private key leak.

Security researchers confirmed the incident in a post on the X Network (formerly Twitter). DeltaPrime, which operates on the Arbitrum and Avalanche blockchains, had its Arbitrum version as the main target of the attack.

The incident affected Arbitrum users, who were unable to withdraw their funds due to the way the platform’s lending and borrowing system works.

According to reports, the hacker gained control of an administrative account (identified as 0xx40e4ff9e018462ce71fa34abdfa27b8c5e2b1afb). From there, he updated proxy contracts to point to a malicious contract (0xD4CA224a176A59ed1a346FA86C3e921e01659E73), as Fuzzland founder Chaofan Shou explained on the X network.

Hacker attack on cryptocurrency exchange

Proxy contracts play a key role in interactions with users and other contracts on a blockchain. Although they contain minimal logic, they are a crucial part of any application, and a compromise can impact the entire protocol.

Security firm Cyvers also confirmed the attack, reporting that it detected “several suspicious transactions” involving DeltaPrime. According to Cyvers, it appears that the platform’s administration lost control of its private key, which allowed the attacker to drain pools containing USDC stablecoins, Arbitrum’s ARB tokens, and Bitcoin (BTC).

Cyvers CTO Meir Dolev explained:

“(The) hacker took control of the wallet that is the administrator of the Delta Prime proxy contacts. He later updated these contracts to point to his malicious contract. This allowed the hacker to drain the Delta Prime pools on the Arbitrum network.”

On the cryptocurrency exchange’s official Discord, team members shared messages stating that they were investigating and working on a solution. However, as of Monday morning, the team had not officially confirmed the attack or revealed more specific details about what happened.

The impact of the security incident on the cryptocurrency exchange was quickly felt in the market. The platform’s native token, PRIME, has seen a 5.5% drop in the last 24 hours, according to data from CoinGecko. At the time of writing, the cryptocurrency is priced at $0.99.

Cryptocurrency broker suffers hack attack and loses more than US$ 6 million

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Cryptocurrency broker suffers hack attack and loses more than US$ 6 million

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Cryptocurrency broker suffers hack attack and loses more than US$ 6 million

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