Hi Friends,
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We are still recovering from the shocking news of hacking of Indian Crypto Exchange WazirX and Crypto worth US$230M getting hacked and transferred to Tornado Cash, we have another big Crypto hack, probably Second biggest of 2024 after WazirX's.
Yes, as reported by multiple crypto news broadcasters including CoinTelegraph, DeltaPrime has become the latest victim of hacking as reported yesterday with US$6M worth Crypto from DaltaPrime's Arbitrum chain with the money transferred in small amount to another account by the hacker.
It is reported that, the Admin account of the DeltaPrime DeFi platform was hacked and Admin wallet was took under control to add malicious contracts to the DeltaPrime proxy contract and started draining the account as on yesterday.
What is DeltaPrime?
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DeltaPrime is a Decentralized Finance chain providing brokerage options on Arbitrum and Avalanche blockchains which also provides investment strategies along with borrowing options and reportedly yields high return in excess of 12% APY which seems to be lucrative.
It is to note that, the DeltaPrime has their own token called as Prime and is the community centered token for DeltaPrime.
DeltaPrime provides liquidity pools for Avalanche and Arbitrum blockchains with a minimum APY of 12% as reported on their website.
Not sure some of you have heard about this, for me, it's the First incident I am hearing about this and that because of this hacking of the Crypto.
The increased number of such instances are definitely a worrying thing for all of us and we will have to wait and see how the markets are going to respond although the market has already declined by about 5% as of yesterday.
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It is reported that, 3 of the pools of DeltaPrime viz. DPUSDC, DPARB, and DPBTCb pools have been under attack from the hacker as he gained control of these pools and is reportedly draining the Crypto from these into an account he owns.
While the hacking continues to rock Crypto inspite of security measures, this kind of incidents will make the people lose trust in Crypto service providers such as DeltaPrime.
In these days of bear market situation, the news like this will be more shocking to the people.
According to the Blockchain investigators ZachXBT, the North Korean Crypto developers who were part of the DeltaPrime might be behind this hacking, but the DeltaPrime is yet to confirm on this as they are still investigating on the issue.
This hacking has affected the Crypto prices, especially Ethereum to which the stolen USDC has been converted to and that has resulted in the price dropping in excess of 5%.
It's noteworthy that, by now, the stolen Crypto amount has doubled as compared to the same period by last and that has been a worrying factor
Whom do we trust and which crypto exchanges or service providers do we trust if such incidents keeps happening?
Time only has to tell and just hope that, the stolen Crypto will be recovered and the people who have invested their hard earned money, will get back their share of investment if not the profit.
The WazirX and this incident of DeltaPrime are taken to be as a lesson and we as investors, and play cautiously in the Crypto market.
Cryptos are the hotcakes, but such incidents will not help people.
Let's hope we hear some good news soon on this.
P.S: All the images are respective property of sourced image addressees'.
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