Prisma Finance

Million

Security

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/prisma-finance-endures-major-security-breach-hackers-steal-10-million" rel="noopener noreferrer nofollow">Prisma Finance Endures Major Security Breach: Hackers Steal $10 Million</a><br></p>
<p style="text-align: justify">On March 28, Prisma Finance, a decentralized finance protocol, became the target of a cyber heist that resulted in the theft of nearly $10 million. Cyvers, a blockchain <a href="https://en.bitcoinhaber.net/deciphering-the-400-million-ftx-cryptocurrency-heist-the-role-of-sim-swap-attacks" rel="noopener noreferrer nofollow">security</a> alert service, was first to notice suspicious activity. Shortly thereafter, they reported an additional unauthorized transfer of $1 million, bringing the total loss to an estimated $10 million.</p>
<h2 id="immediate-response-to-the-security-breach">Immediate Response to the Security Breach</h2>
<p style="text-align: justify">In response to the attack, Prisma Finance’s team of core engineers and contributors immediately suspended operations to conduct a thorough investigation. The protocol, known for facilitating decentralized liquid staking tokens, reports a total value locked of over $222 million, per data from blockchain analytics platform DefiLlama.</p>
<p style="text-align: justify">The perpetrator, identified by Cyvers, proceeded to convert the illicitly acquired assets into <a href="https://en.bitcoinhaber.net/ethereum-surges-past-3500-as-altcoin-market-heats-up" rel="noopener noreferrer nofollow">Ethereum</a>. In the midst of the ongoing security incident, blockchain security firm PeckShield alerted the public to the escalating losses now totaling 3,257.7 Ethereum, which equates to $11.6 million. PeckShield also advised investors to stay updated through official channels and to exercise caution to avoid related scams.</p>
<h2 id="additional-scams-surface-following-hack">Additional Scams Surface Following Hack</h2>
<p style="text-align: justify">In the wake of the security breach, opportunistic scammers have sought to exploit the situation. PeckShield highlighted a fake Prisma Finance account, which tried to mislead users with a deceptive link under the guise of being the official account, marked with a gold badge—despite having no affiliation with Prisma Finance.</p>
<p style="text-align: justify">This incident adds to the growing number of <a href="https://en.bitcoinhaber.net/vitalik-buterin-raises-concerns-over-privacy-in-modern-vehicles" rel="noopener noreferrer nofollow">hack</a> attacks within the cryptocurrency space, eroding trust in the industry. Blockchain security firm Immunefi reported that as of February 29, 2024, over $200 million has been lost to 32 incidents, marking a 15.4% increase from the $173 million stolen in the first two months of 2023. Immunefi’s report also disclosed that in 2023, the sector saw $1.8 billion lost to criminal activity, with the North Korean Lazarus Group accounting for 17% of the total.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/prisma-finance-endures-major-security-breach-hackers-steal-10-million" rel="noopener noreferrer nofollow">Prisma Finance Endures Major Security Breach: Hackers Steal $10 Million</a></h5>

Prisma Finance Endures Major Security Breach: Hackers Steal $10 Million

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