tl;dr
DeltaPrime, a decentralized crypto protocol, experienced a second hack, resulting in a $4.75 million loss. The breach, involving drained pools on Arbitrum and Avalanche, raised alarms in the crypto community. The stolen funds were traced to a specific wallet address, and the protocol's operations we...
DeltaPrime, a decentralized crypto protocol, experienced a second hack, resulting in a $4.75 million loss. The breach, involving drained pools on Arbitrum and Avalanche, raised alarms in the crypto community. The stolen funds were traced to a specific wallet address, and the protocol's operations were paused to limit further losses. This incident reflects a broader trend of cryptocurrency hacks, with experts emphasizing the need for enhanced security measures. Additionally, the attacker demonstrated sophisticated tactics by directing stolen funds into liquidity farming. DeltaPrime aims to bolster its security and restore community trust in light of escalating cybersecurity concerns in the industry.
DeltaPrime disclosed a second hack on its protocol, reporting a contained loss of $4.75 million. Blockchain analysts pinpointed multiple drained pools on Arbitrum and Avalanche, triggering alarms throughout the crypto community.
DeltaPrime, a decentralized crypto protocol, suffered a $4.75 million hack, marking its second exploit since September. CertiK analysts traced the stolen funds to a specific wallet address, confirming that a vulnerability in the periphery adaptor contract enabled the attack. DeltaPrime’s team quickly responded, pausing operations on both chains to limit further losses.
The security breach highlights a rise in cryptocurrency hacks, with $129 million in cumulative losses in October 2024 alone. DeltaPrime is just one of many platforms affected, as October saw 20 incidents involving various hacks and exit scams. Among the most prominent was Radiant Capital, which also faced significant losses.
DeltaPrime initially garnered high interest, attracting over $63 million in total value locked. The protocol also unlocked more than $20 million in liquidity, backed by major players like Avalanche, GSR Capital, and Uplift. Despite its growth and reputation, the DeltaPrime hack signals a critical need for strengthened security across its operations, which many users have been quick to call out.
DeltaPrime’s attacker demonstrated a high level of sophistication, directing $1.3 million of stolen funds into liquidity farming through LFJ and USDC farming on Stargate. This strategic maneuver highlights hackers’ increasing technical prowess in the crypto space. With heightened security measures now in place, DeltaPrime aims to prevent further incidents and restore community trust amidst rising cybersecurity concerns in the industry.