Prime

ZachXBT

Avalanche

Decentralized borrowing protocol DeltaPrime has reportedly suffered a multi-million dollar hack, with suspicions pointing to entities linked to North Korea.
DeltaPrime (<a rel="noopener noreferrer nofollow" href="https://crypto.news/price/deltaprime/">PRIME</a>), a decentralized borrowing protocol backed by <a href="https://crypto.news/tag/avalanche/" target="_blank" rel="noopener noreferrer nofollow">Avalanche</a> and GSR Markets, was hit by a $4 million hack stemming from an admin private key leak, fuzzland co-founder Chaofan Shou <a href="https://x.com/shoucccc/status/1835554652777336975" target="_blank" rel="noopener noreferrer nofollow">said</a> in a Sept. 16 post on X.
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 Delta Prime <a href="https://twitter.com/DeltaPrimeDefi?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@DeltaPrimeDefi</a> admin private key leaked. All pools are drained. $7M loss already. Withdraw ASAP!<a rel="noopener noreferrer nofollow" href="https://t.co/uNn5nZoHp3" target="_blank">https://t.co/uNn5nZoHp3</a> <a rel="noopener noreferrer nofollow" href="https://t.co/se3RebRjpX" target="_blank">pic.twitter.com/se3RebRjpX</a>— Chaofan Shou (@shoucccc) <a href="https://twitter.com/shoucccc/status/1835554652777336975?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">September 16, 2024</a>
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While the exact circumstances behind the private key breach remain unclear, blockchain investigator ZachXBT noted that DeltaPrime had previously employed <a href="https://crypto.news/tag/north-korea/" target="_blank" rel="noopener noreferrer nofollow">North Korean</a> IT workers. However, the analyst emphasized that all flagged personnel had been removed, leaving questions about any connection between the hack and North Korea unresolved.
Blockchain researchers at Cyvers Alerts <a rel="noopener noreferrer nofollow" href="https://x.com/CyversAlerts/status/1835568466901766208" target="_blank">pointed out</a> in an X post that the hack targeted the protocol’s version rolled out on <a href="https://crypto.news/tag/arbitrum/" target="_blank" rel="noopener noreferrer nofollow">Arbitrum</a>, adding that the hacker has already swapped the stolen USD Coin (<a href="https://crypto.news/price/usd-coin/" target="_blank" rel="noopener noreferrer nofollow">USDC</a>) to Ethereum (<a href="https://crypto.news/price/ethereum/" target="_blank" rel="noopener noreferrer nofollow">ETH</a>).
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 “It seems that admin has lost the private key. Suspicious address still draining the pools! Affected pools so far are the DPUSDC, DPARB, DPBTCb!”
 Cyvers Alerts
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In addition to Arbitrum, DeltaPrime also has a protocol launched on the Avalanche network, though no reports have been made on whether that protocol is also vulnerable to attacks. Following the hack, DeltaPrime’s native token PRIME plunged 6% to $1. As of press time, the DeltaPrime team made no public statements on the matter.
First launched on the Avalanche network in January 2023, DeltaPrime attracted over $63 million in total value locked and unlocked more than $20 million in liquidity, the protocol says on its official website. The protocol secured funding from Avalanche, GSR Capital, Moonhill Capital, and Uplift, among others.
Read more: <a rel="noopener noreferrer nofollow" href="https://crypto.news/north-korea-aggressively-targeting-crypto-firms-warns-fbi/"> North Korea ‘aggressively targeting’ crypto firms, warns FBI </a>

Avalanche-backed borrowing protocol DeltaPrime suffers $4.5m hack

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