Prisma Finance

DeFi

Tornado Cash

Tornado

Status

The hacker responsible for the recent breach at Prisma Finance has issued a unique set of demands. Following an exploit that resulted in the theft of about $11 million (3,257 ETH) from the decentralized protocol, the hacker has demanded a live web conference. The demand also requires the Prisma Finance team to confess their security fault publicly and to say sorry to the users and the investors.
This surprising gesture comes after the <a href="https://coingape.com/munchables-hack-97m-secured-with-blast-contributors-effort/?utm_source=cgtelegram" rel="noopener noreferrer nofollow">hacker’s </a>utilization of Tornado Cash to move a fraction of the stolen assets, which is usually seen as a characteristic of hostile attacks but is stated by the hacker as a “whitehat rescue.”
<h2 id="exploit-s-timeline-and-immediate-repercussions">Exploit’s Timeline and Immediate Repercussions</h2>
Earlier this week, <a href="https://coingape.com/prisma-finance-suffers-exploit-drained-11-million/?utm_source=cgtelegram" rel="noopener noreferrer nofollow">Prisma Finance </a>was attacked, with blockchain security company PeckShield releasing the first report on suspicious on-chain activities. The attacker used a harmful contract that was directed at individual vaults, which the platform promptly responded to.
Prisma Finance consequently stopped its DeFi protocol through an emergency multisig in order to secure the left. Nevertheless, the locked-up value in the protocol dropped by almost half to about $115 million, further eroding investor trust.
However, as reported by Coingape, the aftermath of the exploit is full of controversies and lack of confidence, mostly because the hacker laundered large amounts of funds in <a href="https://coingape.com/prisma-finance-hacker-moves-funds-to-tornado-cash/?utm_source=cgtelegram" rel="noopener noreferrer nofollow">Tornado Cash</a>. Consequently, despite being originally purported as a rescue, the hacker’s actions are said to have contained the elements that question the real character of their intentions within the crypto community. The DeFi sector, which is already cautious as it witnessed a lot of events over the past year, is closely watching the unfolding series of events.
<h2 id="current-status-and-market-response">Current Status and Market Response</h2>
As of the latest updates, the live price of Prisma Finance recorded a significant decrease, depicting investor sentiment under stress. With the total value locked falling, the investigation going on, and the recent transactions of the hacker, it has become a question of the platform’s stability and future.&nbsp;
This incident and others in the space are part of the broader discourse around the requirement for better security measures in the DeFi system.
Read Also: <a href="https://coingape.com/markets/solana-price-prediction-breakout-puts-sol-to-240-target/?utm_source=cgtelegram" rel="noopener noreferrer nofollow">Solana Price Prediction as Triangle Breakout Puts $SOL on Path to $240 Target</a>
The post <a href="https://coingape.com/hacker-calls-for-live-apology-from-prisma-finance-post-11m-heist/" rel="noopener noreferrer nofollow">Hacker Calls for Live Apology from Prisma Finance Post $11M Heist</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Hacker Calls for Live Apology from Prisma Finance Post $11M Heist

Table of Contents

Coingape News Media

Other articles published on Mar 30, 2024

Render Network (RNDR), Bella Protocol (BEL), and These 5 Tokens Are Binance-Backed Projects with ...

Mirror World Unveils First Gaming Rollup on Solana- Report

Custodia Bank’s Federal Reserve Master Account Denied

XRP Lawsuit: Can Coinbase’s Ruling Catalyze A Reversed Judgement?

Bitcoin and Altcoins: Q1 Performance and Predictions for AVAX and ADA

Ripple (XRP) and Polkadot (DOT) Communities Embrace Koala Coin (KLC) as the Next Big Meme Coin wi...

Join our free newsletter for daily crypto updates!