Originally published on: November 11, 2024
In a recent cyber attack, the DeltaPrime protocol fell victim to hackers who made off with a staggering $4.8 million in digital assets. This breach adds to the growing list of crypto hacks in 2024, raising concerns about the security of decentralized finance (DeFi) platforms.
DeltaPrime, a DeFi liquidity protocol, was targeted by hackers who managed to steal $4.8 million worth of Arbitrum ARB and Avalanche AVAX tokens. The exploit, currently under investigation, began when the perpetrators injected liquidity into the protocol.
Following the attack, the DeltaPrime team took swift action by pausing the protocol on both the Arbitrum and Avalanche blockchains to prevent further losses. This incident underscores the pressing need for enhanced security measures across the crypto industry.
The hack on DeltaPrime comes amidst a wave of cyber attacks in the crypto space, with centralized exchanges also falling victim to breaches. Just recently, M2 was hacked for $13.7 million, highlighting the pervasive threat of cybercrime in the digital asset sector.
While smart contracts have historically been blamed for such exploits, recent data suggests a shift in tactics by hackers. According to industry experts, phishing attacks and social engineering are becoming increasingly common methods employed by cybercriminals to steal funds.
As the value of stolen digital assets continues to rise, it is crucial for crypto investors to remain vigilant and adopt robust security practices. With cyber attacks on the rise, safeguarding one’s assets has become more critical than ever.
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