The protocol lost $4.8 million worth of digital assets due to an exploit on the Arbitrum and Avalanche blockchains. While this attack is a new example of the increasing number of crypto attacks in 2024, it has raised concerns that digital assets stolen this year could exceed their value in 2023.

DeltaPrime is a liquidity protocol used in decentralized financial systems and operates on the Arbitrum and Avalanche blockchains. This platform allows users to use their digital assets to provide liquidity and conduct transactions through protocols.

However, according to the statement made on November 11, an attack was carried out on the security vulnerability of the protocol and digital assets worth approximately $ 4.8 million were stolen.

According to initial findings, attackers started exploiting this vulnerability by adding liquidity to the DeltaPrime protocol.

On-chain intelligence firm PeckShield stated in a statement that the hacker carried out the exploit by farming on LFJ (formerly Trader Joe’s) and using $USDC on the Stargate platform, after adding approximately $1.3 million worth of liquidity. This statement provided important information about how the attack was carried out.

This incident raises further concerns about vulnerabilities and hacks in the crypto industry. Security is still one of the biggest issues in the crypto world, and 2024 marks the largest increase in stolen values ​​ever recorded in this field.

The attack experienced by DeltaPrime was recorded as just one example of previous major attacks. For example, on November 1, the centralized exchange M2 lost $13.7 million worth of digital assets.

In addition, there were 155 different hacking incidents in the third quarter of 2024, and over $753 million in digital assets were stolen in these incidents. This represents an increase of approximately 9.5% of the total stolen value.

By 2024, crypto hackers have stolen a total of approximately $2 billion worth of digital assets. This is an amount that exceeds losses in 2023 and highlights the need for the crypto industry to take more precautions regarding security. In the first quarter of 2024 alone, $542.7 million worth of digital assets were stolen, which represents a 42% increase compared to the same period in 2023.

However, most of these hacks are not caused by vulnerabilities in smart contracts, but rather by private key leaks and phishing attacks.

Mriganka Pattnaik, CEO of Merkle Science, said: “Hackers are now targeting private key leaks, not just smart contract vulnerabilities. “Such leaks usually occur due to phishing attacks or insecure storage practices and can lead to major losses,” he said.

This incident was another major hacking incident, following the $230 million stolen from the WazirX exchange in early 2024. Such security breaches reveal that the crypto industry needs to take stronger security measures and better understand the vulnerabilities targeted by hackers.