DeFi Platform Delta Prime Loses $6M in Latest Crypto Hack, Cybersecurity Experts Warn of Potential Bitcoin ETF Targeting

The decentralized finance (DeFi) platform Delta Prime is the latest victim of a crypto-related cyber-attack where the attackers drained close to $6 million worth of digital assets.

DeFi platform Delta Prime suffered a recent cyberattack, leading to the theft of digital assets worth nearly $6 million, according to on-chain security firm Cyvers.

The initial attack on the Arbitrum-based platform was flagged by Cyvers on Sept. 16, with an لاحظ: denoting a loss of about $4.5 million as a مشتبه به address swapped USD Coin (USDC) for Ether (ETH).

The firm also highlighted that the attackers drained a significant amount of crypto assets from the DeFi platform.

?ALERT?Our system has detected multiple suspicious transactions involving @DeltaPrimeDefi on $ARB chain! (Still ongoing)

It seems that admin has lost the private key. Suspicious address still draining the pools! Affected pools so far are the #DPUSDC, #DPARB, #DPBTCb !… pic.twitter.com/8sXanAaCwe

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

Recent cyberattack on Delta Prime

The total amount stolen from Delta Prime has now risen to nearly $6 million, with the recent fraudulent transactions, according to an X post by Chaofan Shou, co-founder of cybersecurity firm Fuzzland.

This exploitation follows a hack in July that saw attackers siphon off $234 million from India's leading crypto exchange, WazirX, which is currently the second-largest crypto hack in 2024.

The attack is reportedly linked to a private key infrastructure vulnerability, which allowed the hackers to take over Delta Prime's administrative wallet, according to Meir Dolev, Cyvers' CTO.

They then depleted the firm's Arbitrum blockchain digital pools by changing the platform's proxy contracts to point to a malicious contract.

While Dolev stated that the current loss totals $5.9 million, the scope of the attack indicates potential further exploitation.

Possible hacking threats to US Bitcoin ETFs

In light of these recent attacks, cybersecurity experts are warning the crypto community of larger potential targets in the coming months.

Michael Pearl, vice president of GTM strategy at Cyvers, expressed concerns that North Korean hackers, especially the Lazarus Group, might attempt to hit US spot Bitcoin exchange-traded funds (ETFs).

According to Dune Analytics data, Bitcoin ETFs hold 2,85 BTC (valued at $53.4 billion) in on-chain reserves. Experts thus warn financial institutions to bolster their security measures to fend off any hacking attempts.

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