DeltaPrime has fallen victim to a sophisticated exploit. This resulted in approximately $4.8 million worth of cryptocurrency being drained from its protocol across both Arbitrum and Avalanche networks.
The security breach adds to an alarming trend of increased cyber attacks in the cryptocurrency sector during October 2024.
DeltaPrime loses $4.8 million
Security firm PeckShield first identified the attack, reporting that the exploiter targeted DeltaPrime’s operations on both Arbitrum and Avalanche chains.
Following the breach, the attacker demonstrated sophisticated fund management, deploying approximately $1.3 million in liquidity to LFJ (formerly known as Trader Joe) and engaging in USDC farming activities on Stargate.
DeltaPrime @DeltaPrimeDefi has been exploited for ~$4.8M worth of crypto on both #ARB & #AVAX.
The exploiter has added liquidity (~$1.3M) to #LFJ (formerly Trader Joe) & farmed $USDC on #Stargate pic.twitter.com/IYKs6CujlA— PeckShield Inc. (@peckshield) November 11, 2024
DeltaPrime’s team responded promptly to the security breach, confirming the exploit through their official communication channels.
The protocol immediately initiated containment measures. This includes pausing operations on both affected chains. Initial estimates from the team aligned with PeckShield’s assessment, placing the total loss at approximately $4.75 million.
The DeltaPrime incident occurs amid a troubling surge in cryptocurrency security breaches during October 2024.
The month has witnessed cumulative losses reaching approximately $129 million from various hacks and exit scams.
Among the last month’s security incidents, the Radiant Capital hack emerged as a particularly key event, contributing substantially to the overall losses.
