Global blockchain supervision and query platform

English
Download

Prisma Finance Exploited for $12M

Prisma Finance Exploited for $12M WikiBit 2024-03-29 18:11

Prisma Finance, a DeFi protocol that issues stablecoins backed by Ethereum liquid staking and restaking tokens (LRTs), has been exploited for nearly $12 million.

Prisma Finance, a DeFi protocol that issues stablecoins backed by Ethereum liquid staking and restaking tokens (LRTs), has been exploited for nearly $12 million.

First flagged by blockchain security firm Cyvers, attackers managed to make off with 3,258 ETH before the protocol was paused by the team. Prisma users are advised to revoke approvals for the affected smart contracts.

The stolen assets have since been redistributed to three Ethereum addresses, according to an analysis from security firm Peckshield.

The protocols PRISMA token crashed 30% after the exploit but has since recovered some losses. It currently trades at a $9 million market capitalization. Nearly $110 million was withdrawn from the protocol in the wake of the exploit, leaving it with $127 million in total value locked (TVL).

Prisma issues two dollar-pegged stablecoins, mkUSD and ULTRA, which can be minted against Ethereum liquid staking tokens (LSTs) and restaking tokens (LRTs), respectively. Its flagship mkUSD has a market capitalization of $35 million, while the newer ULTRA stands at just over $2 million.

Prismas design is based on that of LUSD issuer Liquity, which confirmed on X that it is not susceptible to the same type of exploit.

Disclaimer:

The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.

  • Token conversion
  • Exchange rate conversion
  • Calculation for foreign exchange purchasing
/
PC(S)
Current Rate
Available

0.00