Prisma Finance has fallen victim to a recent hack, resulting in estimated damages of $9 million.
On the evening of March 28, Prisma Finance confirmed via their X account that their lending and stablecoin protocol had been compromised. The team has temporarily halted protocol operations and is conducting an investigation into the incident.
Additionally, Prisma has advised users who interacted with Liquid Staking Token and Liquid Restaking Token pools to immediately revoke permissions. The project urges caution against clicking on unfamiliar links to avoid phishing attacks.
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.
As of the time of writing, the estimated damage from this breach amounts to approximately $9 million.
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
Prisma Finance is known for enabling users to collateralize various assets to mint stablecoins. The DeFi community has expressed concern over Prisma Finance's emphasis on supporting Liquid Staking and Liquid Restaking products, which have garnered mixed reviews.
🚨UPDATE🚨Our 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
Following the attack, Prisma Finance's token PRISMA has plummeted by over 30% in value.
The fluctuation in PRISMA's price over the past 24 hours can be seen in the CoinMarketCap screenshot taken at 08:10 PM on March 28, 2024.
