DeltaPrime, a decentralized finance (DeFi) protocol, was hacked on November 11. The attack affected its Avalanche (AVAX) and Arbitrum (ARB) platforms, leading to a loss of nearly $4.8 million. The protocol has lost about $10.8 million to hackers within the last two months.
As the crypto market goes bullish, many exploiters are actively looking for opportunities to steal funds from many crypto protocols, firms, and investors. This underscores the importance of maintaining proper funds security when navigating the ecosystem amid the jump in crypto prices.
$4.8 Million Swept Off
Starting Monday, DeltaPrime announced that its system has been exploited via a post on X, warning users to halt using the affected blockchains while the team fixes the issues that led to the hack.
Providing further information on the hack, on-chain transactions reporter Peckshield revealed that the unknown exploiter has already begun moving and carrying out transactions with the stolen funds using different protocols.
The hacker used about $1.4 million in supply liquidity to the decentralized crypto exchange LFJ (formerly known as Trader Joe) and farmed USD Coin (USDC) on the cross-chain liquidity platform Stargate.
Not the First Hack
Notably, this is not the first time DeltaPrime has been exploited this year. In September, hackers breached the project’s admin wallet, tampered with the contracts, and sent about $6 million worth of cryptos to unknown malicious addresses.
Since then, the protocol has not successfully recovered the stolen funds, and it has been hit with another second hack of $4.5 million. With the frequent hacks leading to fund loss, the not-up-to-two-year-old DeFi protocol has lost the trust of its users.
Crypto Hacks on the Rise
Sadly, the crypto industry has recorded massive hacks since this year leading to great losses from individual and institutional crypto investors across the globe as many new investors are in fear of stepping into the industry.
One of the most popular hacks of the year is the massive $234 million that hit WazirX, the largest Indian crypto exchange, in July. After investigating and taking security actions for months, the affected exchange is set to resume trading and will launch a new decentralized exchange (DEX), which will help ensure the safety of its user’s funds.
