2024

Arbitrum

DeFi

Avalanche

The DeltaPrime protocol was exploited for $4.8 million worth of digital assets, adding to a growing number of crypto hacks in 2024, which may surpass the value stolen in 2023.
DeltaPrime, a <a data-ct-non-breakable="null" href="https://cointelegraph.com/learn/defi-a-comprehensive-guide-to-decentralized-finance" rel="" target="_self" text="null" title="https://cointelegraph.com/learn/defi-a-comprehensive-guide-to-decentralized-finance">decentralized finance (DeFi)</a> liquidity protocol, was exploited for $4.8 million worth of Arbitrum (<a data-ct-non-breakable="null" href="https://cointelegraph.com/arbitrum-price-index" rel="" target="_self" text="null" title="https://cointelegraph.com/arbitrum-price-index">ARB</a>) and Avalanche (<a data-ct-non-breakable="null" href="https://cointelegraph.com/avalanche-price-index" rel="" target="_self" text="null" title="https://cointelegraph.com/avalanche-price-index">AVAX</a>) tokens.
The hack, still under investigation, began when the exploiter contributed liquidity to the protocol, according to onchain intelligence firm PeckShield. In a Nov. 11 post on X, PeckShield said:
<blockquote>
 “DeltaPrime has been exploited for ~$4.8M worth of crypto on both #ARB &amp; #AVAX.&nbsp; The exploiter has added liquidity (~$1.3M) to LFJ (formerly Trader Joe) &amp; farmed $USDC on Stargate.”
</blockquote>
 
<figure>
 <img alt="DeltaPrime exploited for $4.8M worth of ARB and AVAX tokens" src="https://s3.cointelegraph.com/uploads/2024-11/01931a87-5b7d-7b24-941b-b17b457684b9" title="">
 <figcaption style="text-align: center;">
 DeltaPrime exploit. Source: PeckShield
 </figcaption>
</figure>
In response, the DeltaPrime team announced on Nov. 11 that it had paused the protocol on both the Arbitrum and Avalanche blockchains.
<figure>
 <img alt="DeltaPrime exploited for $4.8M worth of ARB and AVAX tokens" src="https://s3.cointelegraph.com/uploads/2024-11/01931a87-b178-7d6b-ba8d-bc42b453c779" title="">
 <figcaption style="text-align: center;">
 Incident response. Source: <a data-ct-non-breakable="null" href="https://x.com/DeltaPrimeDefi/status/1855899502944903195" rel="nofollow noopener" target="_blank" text="null" title="https://x.com/DeltaPrimeDefi/status/1855899502944903195">DeltaPrime</a>
 </figcaption>
</figure>
The exploit adds to the growing concerns over security in the crypto industry. On Nov. 1, <a data-ct-non-breakable="null" href="https://cointelegraph.com/learn/centralized-vs-decentralized-crypto-exchanges" rel="" target="_self" text="null" title="https://cointelegraph.com/learn/centralized-vs-decentralized-crypto-exchanges">centralized exchange</a> M2 was hacked for $13.7 million worth of digital assets, <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/m2-crypto-exchange-hacked-13-m-funds-restored" rel="" target="_self" text="null" title="https://cointelegraph.com/news/m2-crypto-exchange-hacked-13-m-funds-restored">Cointelegraph reported</a>.
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/telegram-bot-banana-gun-users-drained-500-ether" rel="null" target="null" text="null" title="null">Telegram bot Banana Gun’s users drained of over $1.9M</a>
<h2 id="will-2024-crypto-hacks-top-2023">Will 2024 crypto hacks top 2023?</h2>
In a concerning sign for the Web3 industry, crypto <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/crypto-hackers-steal-750-million-q3-2024-certik" rel="null" target="null" text="null" title="null">hackers stole over $753 million</a> across 155 incidents during the third quarter of 2024, as the total stolen value surged by about 9.5%.
In 2024 to date, hackers have stolen nearly $2 billion. This means that <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/crypto-hacks-2024-private-key-leaks" rel="null" target="null" text="null" title="null">crypto hacks this year could potentially top</a> 2023, with the first quarter of 2024 seeing $542.7 million worth of stolen funds, a 42% increase compared to the same period in 2023.
Still, smart contracts are no longer to blame for most exploits, according to Mriganka Pattnaik, co-founder and CEO of crypto risk and intelligence platform Merkle Science, who told Cointelegraph:
<blockquote>
 “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.”
</blockquote>
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/chinese-trader-laundered-17-m-lazarus-group-hacks" rel="null" target="null" text="null" title="null">Chinese trader laundered more than $17M for Lazarus Group in 25 hacks</a>
In May, a <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/trader-loses-68-million-address-poisoning-scam" rel="null" target="null" text="null" title="null">trader lost $71 million worth of crypto</a> in the year’s most high-profile phishing attack. The attacker tricked the trader into sending 99% of their funds to the attacker’s address.
DeltaPrime’s current incident occurred four months after a hacker <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/indian-crypto-exchange-wazirx-hack-235m" rel="null" target="null" text="null" title="null">stole over $230 million from WazirX</a>, an Indian cryptocurrency exchange, in the second-largest cryptocurrency hack of 2024.
Magazine: <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/cailtlyn-jenner-token-scammer-sahil-arora-celebrity-network-leaked-price-list/" rel="null" target="null" text="null" title="null">Caitlyn Jenner memecoin ‘mastermind’s’ celebrity price list leaked</a>

DeltaPrime exploited for $4.8M worth of ARB and AVAX tokens

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Cointelegraph

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