DeltaPrime confirmed it was hit with a second attack on November 11. Hackers stole $4.75 million worth of crypto assets by exploiting a vulnerability. The DeltaPrime protocol joins the growing list of crypto attacks in 2024 with $4.8 million in altcoin losses. This attack is thought to exceed the total loss in 2023.
DeltaPrime hacked
According to blockchain analysts, DeltaPrime, a decentralized crypto protocol backed by Avalanche and GSR Markets, lost $4.75 million worth of altcoins after various pools on Arbitrum were drained. News broke on Monday, November 11, that a vulnerability in the platform’s peripheral adapter contract had been exploited. The misused funds are being held at address 0x56…634c, according to analysts at blockchain analytics firm CertiK. DeltaPrime confirmed the incident after the attack, saying that the hackers stole a total of $4.75 million in altcoin by targeting Avalanche and Arbitrum pools. PeckShield reported that the attacker launched the attack by adding liquidity to the protocol. PeckShield shared the following on November 11:
DeltaPrime lost a total of ~$4.8 million in crypto on ARB and AVAX. The attacker added ~$1.3 million in liquidity to LFJ (formerly Trader Joe’s) and obtained $USDC on Stargate.
This is the second time the protocol has been targeted. In a previous attack in September, the project lost $6 million via a vulnerable contract. At that time, the attackers took control by exploiting weak private key security. Blockchain detective ZachXBT previously reported that the platform employs North Korean IT personnel. However, the analyst emphasized that all flagged personnel were removed, and said that concerns about the attack’s possible connection to North Korea continue.
Altcoin theft project received funding from major names
The DeltaPrime protocol, which was launched on the Avalanche network in January 2023, secured a total value of over $63 million and provided more than $20 million in liquidity, according to its official website. The protocol received funding from sources such as Avalanche, GSR Capital, Moonhill Capital and Uplift. Security concerns in the crypto sector are increasing. On November 1, M2, a centralized exchange, lost $13.7 million in crypto assets. In a worrying sign for the Web3 sector, crypto hackers stole $753 million in 155 incidents in the third quarter of 2024, with the total stolen value increasing by approximately 9.5 percent.
As of 2024, hackers have stolen almost $2 billion. This suggests that crypto attacks in 2024 could exceed 2023. In the first quarter of 2024, $542.7 million was stolen, a 42 percent increase compared to the same period in 2023. In the second largest crypto attack of 2024, more than $230 million in crypto assets were stolen from an Indian cryptocurrency exchange called WazirX four months ago.
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