tl;dr
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
Disclaimer: The opinions expressed by the writers at Grow My Bag are their own and do not reflect the official stance of Grow My Bag. The content provided on our site is not intended as investment advice, and Grow My Bag is not an investment advisor. We do not endorse buying or selling any cryptocurrencies or digital assets mentioned in our articles. High-risk investments in Bitcoin, cryptocurrencies, and digital assets require thorough due diligence, and all transfers and trades made are at your own risk. Grow My Bag is not responsible for any potential losses and participates in affiliate marketing.