DeltaPrime, a decentralized liquidity protocol has suffered an exploit claiming $4.8 million worth of digital assets. The news of the exploit first surfaced on Monday after popular blockchain security firm, PeckShield raised the alarm.
In a post on its official page on X, PeckShield disclosed that the DeFi liquidity protocol lost ARB and AVAX tokens worth $4.8 million. More so, DeltaPrime has confirmed the attack, revealing that it has paused operations on Arbitrum and Avalanche networks.
Furthermore, in a separate post, DeltaPrime emphasized that it will continue to champion the safety of its users while the investigation is ongoing to determine the cause of the vulnerability. Similarly, the firm went on to urge users to revoke approvals to active contracts.
By taking this measure, DeltaPrime explained that it will help prevent further losses. Lastly, the liquidity protocol added that it will keep community members updated about further developments.
It is worth mentioning that the attack on the protocol surfaced shortly after fast-growing centralized cryptocurrency exchange, M2 lost more than $13 million to a security breach on November 1, 2024.
How DeltaPrime Hack Underlines Growing Concerns About the Safety of the Crypto Market
Meanwhile, the recent attack on DeltaPrime is an extension of the host of breaches the cryptocurrency landscape has recorded in 2024. With the attack, there are indications that the total amount the digital assets markets lost to hackers during the year could surpass that of 2023.
According to a report by Certik on October 1, 2024, hackers have stolen more than $735 million within the third quarter of 2024 alone. As reported, the industry is presently battling a hike in hack cases with more than 155 confirmed incidents in Q3 2024.
While highlighting some of the cases, Certik reported that the Ethereum network recorded the most number of security incidents. The firm established that the network recorded more than 86 incidents that claimed up to $387 million during the third quarter.
During that period, popular India-based cryptocurrency exchange, WazirX also lost $235 million to a case of security breach. However, in the previous quarter, the industry lost about $687 million to bad actors.
Likewise, during the first quarter of 2024, the cryptocurrency market lost $505 million to security breaches. That said, Certik reported that so far, the crypto industry has lost a total of $2 billion to hackers in 2024. Accordingly, the attack on DeltaPrime will further push the figure high.