EddieJayonCrypto
28 Mar 24
Prisma Finance, a prominent decentralized finance (DeFi) protocol, has experienced a sophisticated hack resulting in an $11 million loss. The team responded by pausing all protocol activities to investigate the breach. The attackers stole 3,257.57 wstETH and converted it to ETH, with Cyvers identify...
Prisma Finance, a prominent decentralized finance (DeFi) protocol, has experienced a sophisticated hack resulting in an $11 million loss. The team responded by pausing all protocol activities to investigate the breach. The attackers stole 3,257.57 wstETH and converted it to ETH, with Cyvers identifying the attack's mechanics and rapid execution. The total damage could extend beyond $11 million, prompting Prisma Finance to halt operations and conduct a thorough investigation.
This incident serves as a critical reminder of the inherent risks associated with digital finance platforms and the importance of robust security measures and real-time detection capabilities. As the DeFi community awaits further updates and a comprehensive post-mortem from Prisma Finance, this hack underscores the critical need for enhanced security protocols in the rapidly evolving world of digital finance.
Sources:- BeInCrypto- Cyvers
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