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Widely used decentralized finance platform DeltaPrime has lost almost $5.98 million following a cyberattack involving an exposed private key for its Arbitrum-based protocol DeltaPrime Blue on Monday, reports Hackread.
Attackers were able to drain $5.93 million from several liquidity pools on DeltaPrime Blue after using the compromised admin wallet private key to elevate proxy contracts, according to blockchain security platform Cyvers Alerts, which discovered the intrusion. Substantial amounts of USDC were also immediately converted by the threat actors to Ethereum, reported Cyvers Alerts.
“The hacker took control of the admin wallet for DeltaPrime’s proxy contracts, later upgrading these contracts to point to his malicious contract, which enabled the draining of the pools on the Arbitrum chain. The total loss is around $5.9 million USD,” said Cyvers Chief Technology Officer Meir Dolev.
Despite the compromise, DeltaPrime emphasized that funds stored on DeltaPrime Red were not impacted as a result of increased security measures.
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