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 breach was acknowledged by the Prisma Finance team, revealing the immediate pause of 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 and decentralized applications (DApps), the attackers executed multiple transactions that resulted in the theft of 1,965.39 wrapped staked Ethereum (wstETH). These assets were subsequently converted to Ethereum (ETH), signifying a calculated and targeted attack on the platform’s vulnerabilities.
An analyst from Cyvers detailed the attack’s mechanics, explaining how the perpetrators funded their operations through FixedFloat before deploying a malicious contract. This contract was identified by Cyvers two minutes before the initial exploit transaction, highlighting the rapid succession and execution of the attack.
The total damage has been estimated at $11 million, spread across six distinct transactions, but it could result in further losses.
“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.
This incident shines a spotlight on the ongoing security challenges within the DeFi sector. Prisma Finance’s has halted operations and is investigating the breach to understand the gravity of the situation.
As the DeFi community awaits further updates and a comprehensive post-mortem from Prisma Finance, this breach 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.
The post Prisma Finance Hacked: $11 Million Gone in DeFi Breach appeared first on BeInCrypto.
