The DeltaPrime protocol was hacked, losing $4.8 million worth of digital assets, contributing to the rise in cryptocurrency attacks in 2024, potentially exceeding the value stolen in 2023.
DeltaPrime, a DeFi (DeFi) protocol that provides liquidity, has been exploited for $4.8 million worth of Arbitrum (ARB) and Avalanche (AVAX) tokens.
The attack, which is currently under investigation, began when the attacker contributed liquidity to the protocol, according to blockchain intelligence firm PeckShield. In a post on X on November 11, PeckShield said:
DeltaPrime has been exploited with a value of approximately 4.8 million USD in cryptocurrency across both #ARB and #AVAX. The attacker added liquidity (~1.3 million USD) to LFJ (formerly Trader Joe) and farmed 100 USD on Stargate.
DeltaPrime attacked. Source: PeckShield
In response, the DeltaPrime team announced on November 11 that they have suspended the protocol on both the Arbitrum and Avalanche blockchains.
Incident Response. Source: DeltaPrime
This exploit raises further concerns about security in the cryptocurrency industry. On November 1, the centralized exchange M2 was attacked, with 13.7 million USD in digital assets stolen, as reported by TinTucBitcoin.
Will cryptocurrency attacks in 2024 surpass those in 2023?
A worrying sign for the Web3 industry, cryptocurrency hackers stole more than 753 million USD across 155 incidents in the third quarter of 2024, with the total value stolen increasing by about 9.5%.
So far in 2024, hackers have stolen nearly 2 billion USD. This means that cryptocurrency attacks this year could surpass those of 2023, with the first quarter of 2024 recording 542.7 million USD worth stolen, an increase of 42% compared to the same period in 2023.
However, smart contracts are no longer the main cause of most exploits, according to Mriganka Pattnaik, co-founder and CEO of the risk and cryptocurrency intelligence platform Merkle Science, who told TinTucBitcoin:
Although smart contract vulnerabilities remain a concern, hackers are increasingly targeting areas outside of smart contracts, such as personal key leaks. These leaks, often caused by phishing attacks or unsafe storage practices, have led to significant losses.
In May, a trader lost 71 million USD in cryptocurrency in the most notorious phishing attack of the year. The attacker tricked this trader into sending 99% of their assets to the attacker's address.
The current incident with DeltaPrime comes four months after a hacker stole more than 230 million USD from WazirX, an Indian cryptocurrency exchange, in the second-largest cryptocurrency hack of 2024 so far.
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