Hackers Loot Ethereum-Based DeFi Protocol Prisma Finance for $11,600,000 Worth of Crypto: PeckShield

Bad actors have exploited decentralized finance (DeFi) protocol Prisma Finance and stole 3,257.69 Ethereum (ETH) worth $11.6 million, according to PeckShield.

The blockchain security and analytics firm flagged the suspicious activity after the hacker initially siphoned $8.1 million worth of funds from the platform.

The attacker eventually distributed the stolen assets to three wallets.

The team behind Prisma Finance acknowledged the security breach and says it is taking measures to prevent further losses.

“Following the exploit affecting a number of users’ individual vaults, Prisma Protocol has been paused by the emergency multisig and remaining funds are safe. mkUSD and ULTRA, as stablecoins, are overcollateralized and are not at risk.

We will continue to communicate through our official channels and are working to resolve this situation.

Due to the recent exploit, Prisma urges all users to revoke all connections to prevent loss of funds.  All users who connected their wallets to the platform are at risk of future fund loss.”

Prisma Finance says it is now conducting an investigation and will attempt to retrieve the stolen funds. The platform also warns users to be cautious of scams.

“During the next hours, be careful with phishing links of all sort. Trust only official communication channels please.”

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The post Hackers Loot Ethereum-Based DeFi Protocol Prisma Finance for $11,600,000 Worth of Crypto: PeckShield appeared first on The Daily Hodl.