- Prisma Finance suffers $9 million exploit on Thursday, exploiter currently holds stolen funds in Ether wallet.
- The exploit is yet to end, project’s vault is being drained on Friday.
- PRISMA price took 25% losses on the day.
Prisma Finance (PRISMA) is being exploited, and the attacker has so far pulled $9 million in Ethereum from the borrowing protocol. Prisma asked vault owners to take the necessary steps to protect funds from the ongoing attack in an official tweet on X.
PRISMA token suffered a steep decline, wiping out 25% of its value within hours on Thursday.
PRISMA Finance exploit catalyzes steep decline in token price
The decentralized borrowing protocol’s team announced that Prisma is under attack and there is an investigation to identify the cause. The team will release a post-mortem analysis and further updates for PRISMA holders, according to their official tweets on X.
To vault owners, please disable delegate approval:
— Prisma Finance (@PrismaFi) March 28, 2024
LST:https://t.co/SJCjPCxv56
_delegate: 0xcC7218100da61441905e0c327749972e3CBee9EE
_isApproved: false
LRT:https://t.co/PyY6bhdJAi
_delegate: 0xC3eAf094e2586965244aB6534f6Dc69c6C16b5D5
_isApproved: false
We are aware of a possible exploit on Prisma.
— Prisma Finance (@PrismaFi) March 28, 2024
Core engineering contributors will pause the protocol and investigate.
We'll share an update and a post-mortem.
The protocol’s core engineering contributors have paused the chain to investigate.
The borrowing protocol warned users against phishing links and asked PRISMA holders to pay heed to official communication only.
During the next hours, be careful with phishing links of all sort.
— Prisma Finance (@PrismaFi) March 28, 2024
Trust only official communication channel pleasehttps://t.co/pTLFdoLLSr
Cyvers, a Web3 security platform, first detected suspicious transactions on the blockchain and estimated the total loss to $9 million. Cyvers’ investigation reveals that the attacker used crypto exchange FixedFloat to fund the attack.
PeckShield, another leading cyber security firm, confirmed the attack and noted that Prisma mkUSD and wrapped, staked Ether tokens have been lost to the exploit.
Web3 security platform Cyvers first detected the suspicious transactions, estimating a total loss of around $9 million so far, claiming the attacker funded via the crypto exchange FixedFloat.
UPDATEOur system has detected multiple suspicious transactions with @PrismaFi and still ongoing!
— Cyvers Alerts (@CyversAlerts) March 28, 2024
Total loss so far is around $9M. Attacker has funded by @FixedFloat!
Our system has detected the malicious contract 2 min earlier than hack transactions!
Our system would… https://t.co/9myoV8DL22 pic.twitter.com/SxT5yYZy7U
Blockchain security firm PeckShield also confirmed the attack, suggesting Prisma mkUSD and wrapped stETH are among the stolen assets.
Hi @PrismaFi, you may want to a look (w/ $8.1m) pic.twitter.com/VQ8tnv6dYW
— PeckShield Inc. (@peckshield) March 28, 2024
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Polygon joins forces with WSPN to expand stablecoin adoption
WSPN, a stablecoin infrastructure company based in Singapore, has teamed up with Polygon Labs to make its stablecoin, WUSD, more useful in payment and decentralized finance.
Coinbase envisages listing of more meme coins amid regulatory optimism
Donald Trump's expected return to the White House creates excitement in the cryptocurrency sector, especially at Coinbase, the largest US-based crypto exchange. The platform is optimistic that the new administration will focus on regulatory clarity, which could lead to more token listings, including popular meme coins.
Cardano's ADA leaps to 2.5-year high of 90 cents as whale holdings exceed $12B
As Bitcoin (BTC) gets closer to the $100,000 mark for the first time — it crossed $99,000 earlier Friday — capital is rotating into alternative cryptocurrencies, creating a buzz in the broader crypto market.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: Rally expected to continue as BTC nears $100K
Bitcoin (BTC) reached a new all-time high of $99,419, just inches away from the $100K milestone and has rallied over 9% so far this week. This bullish momentum was supported by the rising Bitcoin spot Exchange Traded Funds (ETF), which accounted for over $2.8 billion inflow until Thursday. BlackRock and Grayscale’s recent launch of the Bitcoin ETF options also fueled the rally this week.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.