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Prisma Finance Faces Hacker Turmoil with Funds Moved to Tornado Cash
Incident Overview
Prisma Finance, a decentralized finance (DeFi) platform, is currently grappling with security concerns after a hacker transferred $2.6 million in assets to Tornado Cash. This event, part of a larger exploit that drained a total of $11.6 million from the platform, has sparked intense scrutiny and skepticism within the DeFi community, especially with claims of a "whitehat rescue" complicating the situation.
Exploit Details
The security breach targeted individual vaults on Prisma Finance, leading to an immediate and strategic response from the platform's team. Blockchain security firm PeckShield detected suspicious on-chain activity on March 28, revealing that approximately 3,257 ETH, equivalent to $11.6 million, was siphoned off from Prisma Finance. In reaction, the Prisma Protocol was temporarily halted by an emergency multisig to safeguard the remaining assets.
Despite the setback, Prisma Finance reassured its users, emphasizing that stablecoins such as mkUSD and ULTRA were still overcollateralized and secure. Yet, the platform's total value locked suffered a significant drop, plummeting from about $220 million to $115 million.
The Claim of a "Whitehat Rescue"
Following the exploit, the perpetrator claimed to have conducted a "whitehat rescue," intending to return the stolen funds. Messages embedded within the blockchain transactions have lent some credence to this assertion. However, the DeFi community remains wary, with many doubting the authenticity of this so-called rescue operation.
Further investigation by PeckShieldAlert into recent blockchain transactions highlighted the hacker's subsequent moves. Initially, 757.69 ETH worth approximately $2.7 million was moved to one address, followed by another transfer of 740 ETH, amounting to roughly $2.6 million, to an address linked to Tornado Cash. These actions have introduced additional layers of complexity to the ongoing investigation and raised questions about the hacker's true intentions.
Current Status and Market Impact
As of the latest reports, Prisma Finance's live price is $0.267253, witnessing a 24-hour trading volume of $8.47M USD. The recent developments have led to a sharp 24.20% decrease in its value over the last day, underscoring the adverse effects of the exploit on investor confidence.
The unfolding saga around Prisma Finance continues to shadow the platform with uncertainty. The drop in total value locked, combined with the ongoing probe into the hack and the perpetrator's recent financial maneuvers, spotlight enduring concerns over the security measures and future stability of Prisma Finance.
#crypto #Prisma #TornadoCash
Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“
Prisma Finance, a decentralized finance (DeFi) platform, is currently grappling with security concerns after a hacker transferred $2.6 million in assets to Tornado Cash. This event, part of a larger exploit that drained a total of $11.6 million from the platform, has sparked intense scrutiny and skepticism within the DeFi community, especially with claims of a "whitehat rescue" complicating the situation.
Exploit Details
The security breach targeted individual vaults on Prisma Finance, leading to an immediate and strategic response from the platform's team. Blockchain security firm PeckShield detected suspicious on-chain activity on March 28, revealing that approximately 3,257 ETH, equivalent to $11.6 million, was siphoned off from Prisma Finance. In reaction, the Prisma Protocol was temporarily halted by an emergency multisig to safeguard the remaining assets.
Despite the setback, Prisma Finance reassured its users, emphasizing that stablecoins such as mkUSD and ULTRA were still overcollateralized and secure. Yet, the platform's total value locked suffered a significant drop, plummeting from about $220 million to $115 million.
The Claim of a "Whitehat Rescue"
Following the exploit, the perpetrator claimed to have conducted a "whitehat rescue," intending to return the stolen funds. Messages embedded within the blockchain transactions have lent some credence to this assertion. However, the DeFi community remains wary, with many doubting the authenticity of this so-called rescue operation.
Further investigation by PeckShieldAlert into recent blockchain transactions highlighted the hacker's subsequent moves. Initially, 757.69 ETH worth approximately $2.7 million was moved to one address, followed by another transfer of 740 ETH, amounting to roughly $2.6 million, to an address linked to Tornado Cash. These actions have introduced additional layers of complexity to the ongoing investigation and raised questions about the hacker's true intentions.
Current Status and Market Impact
As of the latest reports, Prisma Finance's live price is $0.267253, witnessing a 24-hour trading volume of $8.47M USD. The recent developments have led to a sharp 24.20% decrease in its value over the last day, underscoring the adverse effects of the exploit on investor confidence.
The unfolding saga around Prisma Finance continues to shadow the platform with uncertainty. The drop in total value locked, combined with the ongoing probe into the hack and the perpetrator's recent financial maneuvers, spotlight enduring concerns over the security measures and future stability of Prisma Finance.
#crypto #Prisma #TornadoCash
Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“
