As a seasoned crypto investor with over a decade of experience navigating the tumultuous waters of digital finance, I can’t help but feel a sense of deja vu reading about yet another high-profile hack like DeltaPrime. The relentless drumbeat of these attacks is becoming more than just background noise – it’s starting to sound like a symphony of despair.
It appears that the DeltaPrime protocol has suffered a hack, resulting in the theft of approximately $4.8 million in digital assets. This incident contributes to an alarming trend of crypto hacks in 2024, which may exceed the amount of money stolen in 2023 if this pattern continues.
In simpler terms, the decentralized finance (DeFi) platform known as DeltaPrime suffered an exploit that resulted in the loss of approximately $4.8 million in Arbitrum (ARB) and Avalanche (AVAX) digital tokens.
As a researcher delving into an ongoing investigation, I’ve discovered that the intrusion commenced when an unidentified entity injected liquidity into the protocol, as perched on the insights provided by on-chain intelligence firm, PeckShield. In their November 11 post on X, PeckShield disclosed this information.
“DeltaPrime has been exploited for ~$4.8M worth of crypto on both #ARB & #AVAX. The exploiter has added liquidity (~$1.3M) to LFJ (formerly Trader Joe) & farmed $USDC on Stargate.”
Responding to this, the DeltaPrime team declared a halt to their protocol on November 11th, affecting both the Arbitrum and Avalanche blockchain networks.
The exploit adds to the growing concerns over security in the crypto industry. On Nov. 1, centralized exchange M2 was hacked for $13.7 million worth of digital assets, CryptoMoon reported.
Will 2024 crypto hacks top 2023?
It’s troubling news for the Web3 sector: During the third quarter of 2024, crypto thieves managed to swipe more than $753 million in 155 separate incidents, marking a nearly 10% increase in total stolen value compared to previous quarters.
By the year 2024, hackers have already managed to swipe approximately $2 billion. This implies that cryptocurrency hacks this year might surpass the amount recorded in 2023. The initial quarter of 2024 alone saw a staggering $542.7 million being stolen, which represents a 42% rise compared to the same timeframe in 2023.
Instead, it’s worth noting that, as per Mriganka Pattnaik, the co-founder and CEO of Merkle Science (a crypto risk and intelligence platform), most exploits are no longer primarily attributed to smart contracts. He made this statement in an interview with CryptoMoon.
“While smart contract vulnerabilities remain a concern, hackers increasingly target areas outside smart contracts, like private key leaks. These leaks, often due to phishing attacks or insecure storage practices, have led to significant losses.”
In May, a significant amount of cryptocurrency, valued at approximately $71 million, was stolen from a trader in what turned out to be the year’s most noteworthy instance of phishing. The criminal managed to deceive the trader into transferring nearly all their funds (99%) to an account controlled by the attacker.
DeltaPrime’s recent incident transpired about four months following a cyber theft that netted more than $230 million from WazirX, one of India’s major cryptocurrency exchanges. This event is currently the second-largest cryptocurrency heist of 2024 to have been recorded thus far.
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2024-11-11 13:05