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Cryptocurrency News Articles
Delta Prime DeFi Platform Hacked for $6M, Underscoring Risks of Upgradable Contracts
Sep 17, 2024 at 03:16 am
Delta Prime, a DeFi platform operating on the Arbitrum network, has fallen victim to a major cyberattack where a hacker exploited a vulnerability
A DeFi platform on the Arbitrum network, Delta Prime, has fallen victim to a major cyberattack. According to on-chain data, a hacker exploited a vulnerability in the platform’s token minting system, managing to drain over $6 million from its liquidity pools.
The breach began when the attacker gained control of Delta Prime’s admin account, likely by stealing a developer’s private key. With access to the admin wallet, the attacker used the platform’s upgrade function to modify several liquidity pool contracts. These contracts were linked to proxy addresses, a mechanism designed to allow developers to implement software upgrades.
However, instead of upgrading the software, the attacker pointed the contracts to malicious versions that allowed them to mint arbitrarily large numbers of tokens. According to blockchain data from block explorer Arbiscan, the hacker initially minted over 115 duovigintillion Delta Prime USD (DPUSDC) tokens. In scientific notation, this astronomical figure is represented as 1.1*10^69.
DPUSDC is a deposit receipt token for the USDC stablecoin, intended to be redeemable at a 1:1 ratio. Despite minting a massive amount of DPUSDC, the hacker only went on to redeem $2.4 million worth of USDC.
The same exploit was applied to other deposit receipt tokens, including Delta Prime Wrapped Bitcoin (DPBTCb), Delta Prime Wrapped Ether (DPWETH), and Delta Prime Arbitrum (DPARB). The attacker minted massive quantities of these tokens and redeemed a small fraction, ultimately stealing over $6 million in assets, including BTC, ETH, ARBI, and USDC.
Cyvers, an on-chain security platform, was one of the first to report the attack, warning that the losses initially stood at $4.5 million but quickly escalated as the hacker continued draining pools.
ALERT
@DeltaPrimeDefi has faced a security incident on their admin keys. Attacker had control on the private key of 0x40e4ff9e018462ce71fa34abdfa27b8c5e2b1afbthen he upgraded the proxy!
So far $5.93M has been drained!
Want to keep your company off our alerts radar? Learn… https://t.co/yOmNZJyp5l pic.twitter.com/lztFvXVmfI
— Cyvers Alerts (@CyversAlerts) September 16, 2024
Later, blockchain security specialist Chaofan Shou confirmed that the total theft amounted to approximately $6 million.
Delta Prime @DeltaPrimeDefi admin private key leaked. All pools are drained. $7M loss already. Withdraw ASAP!https://t.co/uNn5nZoHp3 pic.twitter.com/se3RebRjpX
— Chaofan Shou (@shoucccc) September 16, 2024
This incident highlights the risks associated with upgradable contracts in the DeFi ecosystem. While upgradable contracts allow developers to fix bugs post-deployment, they introduce a centralization risk if an admin account is compromised, as seen in the Delta Prime hack.
The attack on Delta Prime is part of a growing trend of high-profile DeFi breaches, with experts warning that future targets could include even larger institutions, such as Bitcoin exchange-traded funds, which hold billions in digital assets.
Disclaimer:info@kdj.com
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