Prisma Finance Stablecoin Protocol Suffers Massive Cyberattack, Losing Nearly $11.6 Million

Prisma Finance, a stablecoin protocol, has been hit hard by a significant cyberattack, resulting in losses totaling almost $11.6 million.

Operations of the protocol have been temporarily suspended as investigations into the breach are underway. This incident serves as a stark reminder of the emerging risks associated with restaking, marking the protocol's first major security breach.

The attack was initially uncovered by security analysts at Cyvers, who have been closely monitoring the situation.

"We have detected multiple attacks on Prisma Finance Trove Manager Contract. The attacker was funded by FixedFloat and 7 minutes later deployed a malicious contract that was detected by Cyvers as 2 min before the first exploit transaction. The exploit is ongoing, and we have already detected six exploit transactions with a total value lost of $9M."

– Deddy Lavid, CEO at Cyvers

The ongoing surge in the bull market has led to increased activities from hackers. Just last week, the Curio defi project fell victim to exploitation, resulting in losses of $16 million. Prior to that, AirDAO was also compromised, with losses nearing $450,000.

Security experts have issued warnings regarding the potential rise in activities from North Korea’s Lazarus group, as the bull market continues to attract threat actors on a large scale.