The DeltaPrime DeFi liquidity protocol suffered a $4.8 million breach, heightening concerns as crypto hacks continue to escalate in 2024. The attacker, exploiting vulnerabilities in DeltaPrime’s infrastructure, targeted assets on the Arbitrum and Avalanche networks, marking another significant incident in a troubling year for Web3 security.

On Nov. 11, blockchain intelligence firm PeckShield revealed that the exploiter had initially contributed liquidity to DeltaPrime, then diverted around $4.8 million in tokens. This included adding approximately $1.3 million to LFJ (formerly Trader Joe) and earning $USDC on Stargate. The DeltaPrime team swiftly responded by pausing protocol operations on Arbitrum and Avalanche to contain the breach.

This hack is part of a larger trend; in November, centralized exchange M2 lost $13.7 million, and hackers have stolen nearly $2 billion in crypto assets throughout 2024, already surpassing 2023’s alarming figures. The year’s third quarter alone witnessed $753 million stolen across 155 incidents, a staggering 9.5% increase.

Industry experts are concerned about this rising threat. Merkle Science CEO Mriganka Pattnaik emphasized that while smart contract vulnerabilities remain a risk, hackers now frequently exploit private key leaks through phishing and inadequate storage security. This shift highlights the broader scope of crypto vulnerabilities beyond code flaws.

DeltaPrime’s incident follows a series of high-profile breaches, including the $230 million hack of WazirX, India’s leading crypto exchange. The persistence and sophistication of these attacks underscore the urgent need for advanced security measures across the industry as the losses in 2024 continue to mount.