tl;dr
Cyvers, a crypto cybersecurity firm, has reported a security incident impacting DeltaPrime, a decentralized finance (DeFi) protocol on the Arbitrum network. The incident resulted in an estimated loss of $5.93 million as a "suspicious address" continued to drain funds from DeltaPrime's liquidity pool...
Crypto cybersecurity firm Cyvers has reported a security incident impacting DeltaPrime, a decentralized finance (DeFi) protocol on the Arbitrum network, resulting in an estimated loss of $5.93 million. The incident involved unauthorized access to DeltaPrime's smart contracts and affected multiple liquidity pools, including DPUSDC, DPARB, and DPBTCb. The suspicious activity also involved the conversion of USDC tokens to Ethereum.
Cyvers detected multiple suspicious transactions on the Arbitrum chain, indicating unauthorized access to the platform's smart contracts. The security firm stated that the protocol's administrator may have lost control of their private key, enabling the entity to update the proxy smart contract to execute the attack.
This incident is part of a series of security breaches in the DeFi space, with previous incidents involving significant cryptocurrency losses in mid-July and early August. These events highlight the ongoing challenges in ensuring the security and integrity of DeFi protocols and liquidity pools.
Reports from mid-July also indicated a similar breach affecting the cross-chain DeFi protocol Li.Fi, resulting in an estimated loss of about $11 million. Another incident in early August involved the siphoning of $12 million from the cross-chain gaming-focused bridge Ronin, which was subsequently preemptively addressed by white-hat hackers.
More about
```html
In the current market, the S&P 500 index has shown resilience, maintaining a steady upward trend. The 50-day moving average has consistently provided strong support, indicating a bullish sentiment. However, caution is advised as the index approaches a key resistance level at 4,200, which may trigger a short-term pullback.
The RSI for Apple Inc. stock is hovering around 70, signaling overbought conditions. This suggests a potential reversal in the stock's price movement. Traders should monitor this closely for a possible trend reversal.
Tesla's stock has exhibited a classic head and shoulders pattern, indicating a potential trend reversal from bullish to bearish. The neckline support at $600 is critical, and a breakdown below this level could lead to further downside.
The Bollinger Bands for Amazon.com Inc. stock have narrowed significantly, indicating a period of low volatility. This often precedes a sharp price movement, and traders should prepare for increased volatility in the stock.
```