DeFi Protocol DeltaPrime Suffers Hack Due to Private Key Leak, Over $6M Drained

Author

Sujha Sundararajan

Author

Sujha Sundararajan

About Author

Sujha has been recognised as 🟣 Women In Crypto 2024 🟣 by BeInCrypto for her leadership in crypto journalism.

Author Profile

Share

Copied

Last updated: 

September 15, 2024

Why Trust Cryptonews

Cryptonews has covered the cryptocurrency industry topics since 2017, aiming to provide informative insights to our readers. Our journalists and analysts have extensive experience in market analysis and blockchain technologies. We strive to maintain high editorial standards, focusing on factual accuracy and balanced reporting across all areas - from cryptocurrencies and blockchain projects to industry events, products, and technological developments. Our ongoing presence in the industry reflects our commitment to delivering relevant information in the evolving world of digital assets. Read more about Cryptonews

DeltaPrime, a decentralized borrowing and investing platform, has suffered a multi-million-dollar hack after the admin leaked a private key. More than $6 million has been drained from DeltaPrime wallets.

According to onchain security firm Cyvers, the hack has affected the project’s Arbitrum version.

“Our system has detected multiple suspicious transactions involving DeltaPrime DeFi on Arbitrum chain! (Still ongoing).”

Per the X post, hackers are still draining the pools. So far, the affected pools include DeltaPrime’s USDC, ARB and BTCb.

“Total estimated loss is around $4.5M so far! however, suspicious address still draining the pools! Total loss might increase,” the post read.

Fuzzland founder Chaofan Shou said on X that the admin private key has apparently leaked, making the hackers to access all pools. “All pools are drained. $7M loss already. Withdraw ASAP,” Shou warned.

DeltaPrime has been offered on both both Arbitrum and Avalanche blockchains. Further, the users were not able to withdraw funds on Arbitrum due to its borrowing and lending mechanisms.

The DeltaPrime team messaged its users on Discord following the hack, mentioning that the team is investigating the issue. However, the team did not confirm the exploit or reveal any other details of the hack.

DeltaPrime Native Token PRIME Down 6.5%

The DeFi protocol’s native token PRIME has tumbled 6.5%, after the announcement of the hack on social media platforms. Prime token has plunged to $1 in the past 24 hours.

The token is currently trading at $0.997 at press time, according to CoinGecko.

DeltaPrime was first launched on the Avalanche network in 2023, attracting more than $63 million in total value locked. Per the protocol’s website, it unlocked over $20 million in liquidity. Avalanche, GSR Capital, Moonhill Capital, and Uplift are some of the investors of the DeFi protocol.