Key Points:
DeltaPrime is a decentralized borrowing protocol backed by Avalanche and GSR Markets that has suffered a significant security vulnerability. A hacker stole $4.5 million by exploiting a leaked admin key and targeting the Arbitrum version of the protocol. The stolen USDC was quickly converted to Ethereum, raising concerns about DeFi platform security.
This has exposed the DeFi systems to critical vulnerabilities, which demand more sturdier security measures and better risk management.
Growing speculation exists about a possible North Korean connection to the DeltaPrime hack. DeltaPrime had earlier employed IT staff in North Korea, adding to suspicion. However, no concrete direct evidence links these people to the breach.
The immediate aftermath of the hack has been the fall of DeltaPrime’s native token, PRIME, by 6% to $1. The team has said nothing publicly about this occurrence, and one can feel the concern it raises among investors and stakeholders regarding the possible consequence of such an action on their Avalanche-based protocol. As the investigation unfolds, one essential emphasis is given to the security of the DeFi platforms.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
San Francisco, California, 16th September 2024, Chainwire
Montevideo, Uruguay, 16th September 2024, Chainwire
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