Prisma Finance, a decentralized borrowing protocol, encounters a $540,000 jeopardy as a hacker presses the team for identification. Despite efforts to recover from a recent $11.6 million exploit, the protocol still grapples with unresolved accounts.
Following a recent multimillion-dollar exploit, Prisma Finance discloses vulnerabilities in its MigrateTroveZap contracts. The protocol aims to secure user funds, yet 14 accounts remain exposed, risking over half a million dollars.
In response to the exploit, the hacker, self-identified as a "white hat," demands public accountability. The hacker insists on a team apology and identification, delaying fund restitution until these conditions are met.
Despite the ordeal, Prisma Finance outlines a recovery strategy, prioritizing user safety. Plans include protocol unpausing and fund retrieval, coupled with enhanced security measures.
As the dispute escalates, Prisma questions the hacker's sincerity, noting the lack of returned funds. Meanwhile, blockchain security firms observe fund conversion to Ether, further complicating the situation.
The exploit tarnishes Prisma Finance's reputation and erodes user trust, resulting in a significant decline in locked value on its protocol.
On March 28, 2024, Prisma Finance suffered a flash loan attack, and the project lost approximately US$12.21 million. SharkTeam conducted a technical analysis of this incident and summarized security precautions.
JinseFinanceThe decentralised borrowing protocol has disclosed that 14 accounts have yet to retract the affected smart contract, which led to the exploitation of $11.6 million last week.
KikyoThe funding structure includes rapid grants (below 20,000 mkUSD), community grants (20,000-100,000 mkUSD), and large grants (exceeding 100,000 mkUSD).
AlexCurve Finance mitigates a $73.5M hack through community-led efforts, enhancing user trust while highlighting security needs.
KikyoThe Euler team added that since hackers “did the right thing,” the Euler Foundation will no longer be accepting new information that would lead to their arrest.
decryptEuler Fianance protocol was attacked almost a week ago, which resulted in a loss of more than $180 million. And ...
Bitcoinist
BeincryptoBabylon’s founder said several liquidity pools and BABL tokens price were severely impacted, which contributed to the decision.
CoindeskWhile price volatility remained a key factor, major DeFi tokens registered double digit loss over the past week as the DeFi TVL hovers near $50 billion mark.
CointelegraphThe address associated with the hack has managed to steal 206,809 BNB from Qubit’s QBridge protocol.
Cointelegraph