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Prisma Finance Hacked: $11 Million Gone in DeFi Breach


Prisma Finance, a leading decentralized finance (DeFi) protocol, has fallen victim to a sophisticated hack, leading to a staggering loss of $11 million.

The team acknowledged the breach, revealing they immediately paused all protocol activities to facilitate a thorough investigation.

DeFi’s Prisma Finance Hacked

According to Cyvers, a firm specializing in the security of Web3 protocols, the attackers executed multiple transactions that resulted in the theft of 3,257.57 wrapped staked Ethereum (wstETH). Subsequently, the attackers converted these assets to Ethereum (ETH), signaling a calculated and targeted attack on the platform’s vulnerabilities.

An analyst from Cyvers detailed the attack’s mechanics. They explained to BeInCrypto how the perpetrators funded their operations through FixedFloat before deploying a malicious contract. Cyvers identified this contract two minutes before the initial exploit transaction, highlighting the attack’s rapid succession and execution.

The total damage has been estimated at $11 million, spread across six distinct transactions, but it could extend.

“It is more than $11 million now. It can go $20 million as there is still funds in the contract. We messaged Prisma Finance to pause their contract since it has pause function,” security researchers at Cyvers told BeInCrypto.

As the DeFi community awaits further updates and a comprehensive post-mortem from Prisma Finance, this hack serves as a critical reminder of the inherent risks associated with digital finance platforms. The importance of robust security measures and real-time detection capabilities has never been more evident.

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Conclusion

In conclusion, the recent hack of Prisma Finance, a prominent DeFi protocol, resulting in a massive loss of $11 million, serves as a stark reminder of the risks associated with digital financial platforms. The attack, executed through multiple transactions that stole wrapped staked Ethereum, highlights the importance of robust security measures and real-time detection capabilities within the DeFi space. As the community awaits further updates and a detailed post-mortem from Prisma Finance, it is crucial for users and developers to prioritize security and vigilance in order to prevent similar incidents in the future. The incident underscores the need for ongoing diligence and proactive measures to safeguard decentralized finance platforms from malicious actors.

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