The DeltaPrime decentralized finance (DeFi) liquidity protocol has been exploited in a major hack, resulting in $4.8 million in losses across Arbitrum (ARB) and Avalanche (AVAX) tokens. In response, the DeltaPrime team halted operations on both blockchains to investigate the vulnerability, marking another significant crypto security breach in 2024.<\/p>\n\n\n\n
According to on-chain intelligence from PeckShield, the hack began with the exploiter contributing liquidity to DeltaPrime. On November 11, PeckShield reported that the attacker not only drained $4.8 million but also funneled $1.3 million into liquidity for LFJ (formerly Trader Joe) and engaged in farming $USDC through the Stargate protocol.<\/p>\n\n\n\n
DeltaPrime\u2019s team responded swiftly by pausing activities on the Arbitrum and Avalanche networks to prevent further damage. The team assured users that it is working to analyze and address the security breach.<\/p>\n\n\n\n
This exploit highlights mounting security challenges in the crypto industry, which has seen an increase in large-scale hacks in 2024. Earlier this month, centralized exchange M2 reported a $13.7 million hack. The escalating volume of attacks has fueled concerns that this year could exceed 2023\u2019s total value stolen through crypto hacks.<\/p>\n\n\n\n
Data reveals a sharp increase in attacks throughout 2024, with hackers stealing over $753 million in just the third quarter\u2014up 9.5% from last year. As of November, total losses due to crypto-related hacks are approaching $2 billion. The first quarter alone saw a 42% rise in stolen funds compared to the same period in 2023.<\/p>\n\n\n\n
While smart contract vulnerabilities remain a concern, hackers are increasingly targeting areas outside of smart contracts, including private key leaks. Mriganka Pattnaik, CEO of Merkle Science, recently noted that phishing attacks and poor storage practices have led to substantial losses, with hackers exploiting these vulnerabilities to gain access to crypto assets.<\/p>\n\n\n\n
In one high-profile phishing attack this year, a trader was deceived into transferring 99% of their funds, resulting in a $71 million loss. Additionally, in May, a hacker stole over $230 million from the Indian exchange WazirX, making it the second-largest crypto hack of 2024.<\/p>\n","protected":false},"excerpt":{"rendered":"
The DeltaPrime decentralized finance (DeFi) liquidity protocol has been exploited in a major hack, resulting in $4.8 million in losses across Arbitrum (ARB) and Avalanche (AVAX) tokens. In response, the DeltaPrime team halted operations on both blockchains to investigate the vulnerability, marking another significant crypto security breach in 2024. How the DeltaPrime Exploit Unfolded According […]<\/p>\n","protected":false},"author":5,"featured_media":12245,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[43],"tags":[],"class_list":["post-12244","post","type-post","status-publish","format-standard","has-post-thumbnail","category-general-news"],"acf":[],"yoast_head":"\n