Sunday, May 25, 2025
No Result
View All Result
Coins League
  • Home
  • Bitcoin
  • Crypto Updates
    • Crypto Updates
    • Altcoin
    • Ethereum
    • Crypto Exchanges
  • Blockchain
  • NFT
  • DeFi
  • Metaverse
  • Web3
  • Scam Alert
  • Regulations
  • Analysis
Marketcap
  • Home
  • Bitcoin
  • Crypto Updates
    • Crypto Updates
    • Altcoin
    • Ethereum
    • Crypto Exchanges
  • Blockchain
  • NFT
  • DeFi
  • Metaverse
  • Web3
  • Scam Alert
  • Regulations
  • Analysis
No Result
View All Result
Coins League
No Result
View All Result

Delta Prime DeFi hacker exploited token minting bug, managed to drain $6M

September 17, 2024
in Scam Alert
Reading Time: 3 mins read
0 0
A A
0
Home Scam Alert
Share on FacebookShare on TwitterShare on E Mail


Hacker exploited Delta Prime’s improve perform to mint huge tokens.
Over $6M in belongings have been stolen, together with Bitcoin, Ether, and stablecoins.
Assault exposes dangers of upgradable contracts in decentralized finance.

Delta Prime, a DeFi platform working on the Arbitrum community, has fallen sufferer to a significant cyberattack the place a hacker exploited a vulnerability within the platform’s token minting system, efficiently draining over $6 million from its liquidity swimming pools.

The breach started when the attacker gained management of Delta Prime’s admin account, possible by stealing the developer’s non-public key.

How the Delta Prime hack unfolded

With entry to the admin pockets, the hacker used the platform’s improve perform to switch a number of liquidity pool contracts. These contracts have been linked to proxy addresses, a mechanism designed to permit builders to implement software program upgrades.

Nevertheless, as a substitute of upgrading the software program, the attacker pointed the contracts to malicious variations that allowed them to mint arbitrarily giant numbers of tokens.

Based on blockchain knowledge offered by block explorer Arbiscan, the hacker initially minted over 115 duovigintillion Delta Prime USD (DPUSDC) tokens, an astronomical determine represented as 1.1*10^69 in scientific notation.

DPUSDC serves as a deposit receipt token for the USDC stablecoin, supposed to be redeemed at a 1:1 ratio.

Regardless of minting an enormous quantity of DPUSDC, the hacker redeemed solely $2.4 million value of USDC.

The identical exploit was utilized to different deposit receipt tokens, together with Delta Prime Wrapped Bitcoin (DPBTCb), Delta Prime Wrapped Ether (DPWETH), and Delta Prime Arbitrum (DPARB). The attacker minted huge portions of those tokens and redeemed a small fraction, in the end stealing over $6 million in belongings, together with Bitcoin, Ether, Arbitrum, and USDC.

Cyvers, an on-chain safety platform, was one of many first to report the assault, warning that the losses have been initially $4.5 million however rapidly escalated because the hacker continued draining swimming pools.

🚨ALERT🚨@DeltaPrimeDefi has confronted a safety incident on their admin keys. Attacker had management on the non-public key of 0x40e4ff9e018462ce71fa34abdfa27b8c5e2b1afbthen he upgraded the proxy!

Up to now $5.93M has been drained!

Wish to preserve your organization off our alerts radar? Study… https://t.co/yOmNZJyp5l pic.twitter.com/lztFvXVmfI

— 🚨 Cyvers Alerts 🚨 (@CyversAlerts) September 16, 2024

Blockchain safety specialist Chaofan Shou later confirmed that the entire theft had reached roughly $6 million.

Delta Prime @DeltaPrimeDefi admin non-public key leaked. All swimming pools are drained. $7M loss already. Withdraw ASAP!https://t.co/uNn5nZoHp3 pic.twitter.com/se3RebRjpX

— Chaofan Shou (@shoucccc) September 16, 2024

This incident underscores the dangers related to upgradable contracts within the DeFi ecosystem. Though upgradable contracts enable builders to repair bugs post-deployment, they introduce a centralization threat if an admin account is compromised, as seen within the Delta Prime hack.

The assault on Delta Prime is a part of a rising pattern of high-profile DeFi breaches, with specialists warning that future targets might embrace even bigger establishments, comparable to Bitcoin exchange-traded funds (ETFs), which maintain billions in digital belongings.

Share this articleCategoriesTags





Source link

Tags: BugDeFiDeltadrainexploitedhackermanagedMintingPrimetoken
Previous Post

What We Know About Today’s Launch of World Liberty Financial

Next Post

What You Missed at FinovateFall Last Week

Related Posts

Jan 2024 SEC’s X account hacker got 14 months in prison for cyber fraud
Scam Alert

Jan 2024 SEC’s X account hacker got 14 months in prison for cyber fraud

May 21, 2025
How an insider-led breach sparked a costly scam at Coinbase
Scam Alert

How an insider-led breach sparked a costly scam at Coinbase

May 17, 2025
Coinbase breach: attackers demand $20M ransom
Scam Alert

Coinbase breach: attackers demand $20M ransom

May 15, 2025
ZachXBT reveals Coinbase users lost another $45M in a week to ongoing social engineering scams
Scam Alert

ZachXBT reveals Coinbase users lost another $45M in a week to ongoing social engineering scams

May 11, 2025
FBI shuts down crypto fraud site linked to Lazarus Group
Scam Alert

FBI shuts down crypto fraud site linked to Lazarus Group

April 25, 2025
FBI reports $9.3 billion in US targeted crypto scams as elderly hit hardest
Scam Alert

FBI reports $9.3 billion in US targeted crypto scams as elderly hit hardest

April 29, 2025
Next Post
What You Missed at FinovateFall Last Week

What You Missed at FinovateFall Last Week

Bizarre optics at Cai Guo-Qiang’s fiery kick-off event for Getty’s PST Art initiative

Bizarre optics at Cai Guo-Qiang’s fiery kick-off event for Getty’s PST Art initiative

Another Bitcoin Miner Adopts MicroStrategy (MSTR) Playbook of Buying BTC in Open Market

Another Bitcoin Miner Adopts MicroStrategy (MSTR) Playbook of Buying BTC in Open Market

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Twitter Instagram LinkedIn RSS Telegram
Coins League

Find the latest Bitcoin, Ethereum, blockchain, crypto, Business, Fintech News, interviews, and price analysis at Coins League

CATEGORIES

  • Altcoin
  • Analysis
  • Bitcoin
  • Blockchain
  • Crypto Exchanges
  • Crypto Updates
  • DeFi
  • Ethereum
  • Metaverse
  • NFT
  • Regulations
  • Scam Alert
  • Uncategorized
  • Web3

SITEMAP

  • Disclaimer
  • Privacy Policy
  • DMCA
  • Cookie Privacy Policy
  • Terms and Conditions
  • Contact us

Copyright © 2023 Coins League.
Coins League is not responsible for the content of external sites.

No Result
View All Result
  • Home
  • Bitcoin
  • Crypto Updates
    • Crypto Updates
    • Altcoin
    • Ethereum
    • Crypto Exchanges
  • Blockchain
  • NFT
  • DeFi
  • Metaverse
  • Web3
  • Scam Alert
  • Regulations
  • Analysis

Copyright © 2023 Coins League.
Coins League is not responsible for the content of external sites.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In