Home » Latest News » Prisma Finance DeFi Protocol Hit by $11.6 Million Hack

Prisma Finance DeFi Protocol Hit by $11.6 Million Hack

In a recent turn of events, Prisma Finance, a prominent decentralized finance (DeFi) protocol, has been rocked by a sophisticated hack resulting in the loss of a staggering $11.6 million. The breach, detected by blockchain security firms PeckShield and Cyvers, revealed a series of suspicious transactions linked to the attack.

According to reports, the hackers executed multiple transactions, primarily targeting wrapped staked Ethereum (wstETH), which were later converted into Ethereum (ETH). The attack, allegedly funded by FixedFloat, underscored vulnerabilities within the Prisma Finance platform.

Prisma Finance DeFi Hack Infographic
Source: Coinbackyard

Following the breach, Prisma Finance swiftly halted all protocol activities, initiating a comprehensive investigation into the incident. They’ve since engaged with their user base, urging them to revoke connections to prevent further loss of funds.

The fallout from this hack serves as a stark reminder of the persistent risks inherent in decentralized finance platforms. Despite efforts to bolster security measures, cyber threats continue to pose significant challenges to the crypto industry.

While the full extent of the damage is still being assessed, Prisma Finance remains committed to addressing the breach and fortifying its protocols against future vulnerabilities.

Stay tuned for further developments as the crypto community navigates through this turbulent period, emphasizing the importance of vigilance and robust security practices in the rapidly evolving landscape of digital finance.

March 29, 2024 at 10:10 am

Updated March 29, 2024 at 10:10 am

Leave a Comment

Your email address will not be published. Required fields are marked *

Scroll to Top