Recently, Prisma Finance was attacked, causing a loss of $11 million. After this, the token price dropped sharply. In later developments, the hacker made some demands from the altcoin team. In a latest development, the hacker asked the team to apologize live.
Prisma Finance An apology awaits the hacker from the altcoin team!
cryptokoin.comAs you followed from , Prisma Finance suffered a serious attack earlier this week. Blockchain security company PeckShield has published the first report of suspicious on-chain activity. The attacker managed to steal approximately $11 million (3,257 ETH) from the decentralized protocol. The hacker used a malicious contract against individual vaults in the attack, to which the platform responded immediately. The security breach caused Prisma Finance’s TVL to drop by $115 million from $220 million. Additionally, the altcoin price saw a vertical decline.
Meanwhile, the Prisma Finance hacker did not sit idle. The hacker made a strange series of demands from the Prisma Finance team. Following the hack, the hacker requested a live web conference. Hacker wants Prisma Finance team to publicly admit security mistakes live on air. It also demands that he apologize to users and investors. However, the hacker moved some of the stolen assets using Tornado Cash. He then made this surprising gesture. Transport through a jammer is often seen as a feature of hostile attacks. However, the hacker portrays himself as a “white hat hacker”.
Is the altcoin hacker really well-intentioned?
Following the attack, Prisma Finance shut down the DeFi protocol via an emergency multisig to secure it. However, the value locked in the protocol has dropped by almost half. The protocol’s TVL decreased from $220 million to approximately $115 million. This naturally further damaged investor confidence.
However, the aftermath of abuse is filled with arguments and lack of trust. Because mostly the hacker transferred large amount of funds in Tornado Cash. According to experts, although initially claimed as a recovery, the hacker’s actions show his true intentions. We have witnessed many similar events in recent years. That’s why the DeFi industry is closely monitoring the evolving series of events.
The impact of developments on the token price
Prisma Finance’s native token PRISMA price has recorded a significant decline. At the time of writing, PRISMA was trading at $0.234, down 12% on a daily basis. Thus, it showed that investor sentiment was negative. With TVL’s sharp decline, the ongoing investigation, and the hacker’s latest transactions, the stability and future of the platform has become a question.
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