Prisma Finance, a decentralized project focused on liquid staking, continues to be plagued by massive exploitation, with losses currently exceeding $11 million. The attack, detected a few hours ago, shook the DeFi (Decentralized Finance) community. Additionally, Prisma Finance’s altcoin project also suffered a decline. Here are the details…
Hack alarm in that altcoin project
Initial estimates of $9 million in losses were underestimated, according to blockchain security firm PeckShield. Social media updates on March 28 revealed that the attack was ongoing and the stolen funds reached 3,257.7 ETH, roughly equivalent to $11.6 million at current prices. This significant increase indicates that abuse continues. So it highlights the potential for more losses.
In response to the attack, Prisma Finance suspended the operations of its protocol. This critical step allows the team to investigate the exploit, identify vulnerabilities, and implement necessary security measures before rebooting. Vault owners, users who deposit money into Prisma’s staking contracts, are asked to be careful. PeckShield warns of possible scams. He especially emphasizes the importance of following official news channels for updates. Disabling the relevant contract authorization is also recommended as an important security measure.
Major loss of value in PRISMA token
The consequences of the attack had a severe impact on Prisma’s native token, PRISMA. Data from CMC reveals a sharp drop in price of approximately 20% following news of the attack. As of March 28, PRISMA is trading around $0.2958, a significant decline from previous levels. This latest exploit adds another concern to PRISMA’s already precarious situation. In the last 30 days alone, PRISMA has lost 62.1% of its value. The Prisma Finance hack is a stark reminder of the inherent risks associated with DeFi protocols. While they offer innovative financial products, these platforms remain vulnerable to cyber attacks.
As a result, on March 28, Prisma Finance stated on social media that it was aware of the current vulnerability attack. He also said that core engineering contributors would suspend the protocol and conduct an investigation. As a result, it officially announced that it will continue to release updates and information about the attack.
In conclusion, cryptokoin.com As we always report, the cryptocurrency market comes to the fore with its security vulnerabilities and risks for investors. Ongoing audits, comprehensive vulnerability assessments and user training are vital.
To be informed about the latest developments, follow us Twitter’in, Facebookin and InstagramFollow on . Telegram And YouTube Join our channel.