Ethereum

DeltaPrime & WazirX Hackers Move $14M Ethereum Price Crashes

2 months ago
Bitcoin Ethereum News

Today, hackers associated with WazirX and DeltaPrime have transferred a combined $14 million worth of Ethereum (ETH), triggering concerns across the community. These malicious activities come as the ETH price suffers a notable crash, falling below the critical $2,300 level. Moreover, these transfers may have also impacted the price negatively, adding to further market turbulence.

WazirX Hack: Movement of Stolen Funds

The hacker responsible for the WazirX exploit has continued to move significant portions of the stolen Ethereum. According to a post on X by Cyvers Alert, a Web3 sleuth, hackers shifted 5,000 ETH, valued at approximately $11.4 million, to a new address. Of this amount, $9.9 million was swiftly deposited into the privacy mixer Tornado Cash, a tool often used to obscure the origin of funds.

Meanwhile, the hacker still holds $1.38 million in the new address. For further context, the WazirX hack, which occurred on July 18, 2024, resulted in a staggering $230 million in losses. The attack targeted the exchange’s multisig wallet holding multiple ERC-20 tokens. The affected tokens include Shiba Inu (SHIB), Pepe Coin (PEPE), Ethereum (ETH), and Polygon (POL).

DeltaPrime Attack: $5.93 Million Drained

Meanwhile, the DeFi platform DeltaPrime on the Arbitrum (ARB) blockchain has suffered an attack, resulting in the loss of $5.93 million. Early today, the web3 security firm Cyvers Alerts raised the alarm after detecting suspicious transactions linked to DeltaPrime’s pools on the ARB chain. Cyvers warned on X, “Our system has detected multiple suspicious transactions involving DeltaPrime on $ARB chain! Suspicious address still draining the pools!”

Initially, the stolen amount was reported to be $4.5 million, but as the attack progressed, it became evident that more funds were being drained. According to Cyvers, pools affected by the exploit included DPUSDC, DPARB, and DPBTCb, with the hacker swapping USDC to ETH before transferring it to a new address.

Moreover, prominent blockchain investigator ZachXBT suggested that North Korean crypto developers could be involved in the DeltaPrime attack, “Idk if related but they were one of the teams with the DPRK IT workers I reached out to warn,” ZachXBT noted. This implies that despite assurances that the developers had been removed, there could still be a connection.

DeltaPrime has yet to confirm or deny the involvement of North Korean developers but stated that they are investigating the issue. The platform, which operates on both Arbitrum and Avalanche blockchains, noted that only the Arbitrum version had been compromised, preventing users from withdrawing funds.

In the latest development, the hackers shifted 1.2K ETH worth $2.8 million to a new address. This shift significantly weighed on the Ethereum price amid the market volatility today.

Ethereum Price Plummets

As the hacks unfolded, ETH price took a sharp dive. Amid the uncertainty, the Ethereum Foundation, which has been steadily selling small batches of ETH, reportedly sold another 100 ETH for 226,868 DAI hours ago. Over the past three weeks, the foundation has offloaded a total of 650 ETH, valued at $1.51 million, at an average price of $2,323 per ETH.

Hence, the recent movements and selloffs potentially led to Ethereum’s price falling 5.56% to $2,277.83 at the time of writing. The loss of the crucial $2,300 support level has raised concerns among investors. In addition, according to Coinglass ETH long liquidations hit $9.32M, furthering expediting the crash.

Also Read: WazirX Creditors To Get 100% Claims Post Restructuring, Here’s How

Source: https://www.cryptonewsz.com/deltaprime-wazirx-hacker-ethereum-price-crash/