On Thursday, March 28, a hack occurred on Prisma Finance, a decentralized lending protocol on the Ethereum community. The exploiter carted away about 3,257.7 ETH (equal to $11.6 million) by way of a flash mortgage assault on the protocol.
On Friday, March 29, the Prisma Finance hacker transferred among the proceeds from the theft to crypto mixer Twister Money in a number of transactions. Based on PeckShield, $2.7 million in ETH was moved in a single transaction and $3.8 million in one other.
What’s most attention-grabbing is the hacker despatched an on-chain message barely six hours after the assault by way of one of many addresses linked to the heist, claiming they’re a “white hat hacker.” And the exploiter has continued to ship on-chain messages to Prisma Finance’s crew for the reason that theft occurred.
Was Prisma Finance ‘Sloppy’ In The $11.6 Million Loss?
In a series of on-chain messages, the exploiter criticized the crew behind Prisma Finance for not catching the loophole within the protocol, which allowed the exploit to happen within the first place. The hacker additionally requested a web-based press convention by which the protocol’s crew would reveal their id whereas apologizing and appreciating their customers and buyers.
The attacker mentioned within the message:
Throughout that session, you should particularly current the error you made, which celebration audited the good contract, and your plan to enhance safety sooner or later (what you’ll do earlier than deploying a brand new contract, the way you react when one thing you don’t count on comes, and many others.).
The hacker additionally emphasised the need for users to be more careful in the decentralized finance (DeFi) trade and when interacting with varied good contracts. “I look forward to your online conference. After it happens, the amount I would keep and the amount that I can send to you would be discussed (stay assured, most of it would be returned), and the notes would be sent to your email,” the hacker added.
A selected accusation that caught the attention within the hacker’s newest message is that “no professional developers can easily make that mistake.” The attacker mentioned that if that they had not exploited the loophole within the good contract, it might have been the “perfect backdoor” for the protocol’s crew.
As of this writing, Prisma Finance has paused all operations on its protocol. In the meantime, the full worth locked (TVL) on the platform stands at about $85.65 million, down by 61% for the reason that hack.
Crypto Hack Losses Witness Decline In 2024 Q1: Report
In a brand new report by Immunefi, the cryptocurrency trade suffered comparatively fewer losses on account of hacks and scams within the first quarter of 2024. In comparison with 2023’s first quarter, the worth misplaced to exploits and cyber assaults is down by 23%.
Complete hack incidents within the first quarter of 2024 | Supply: Immunefi
Based on the blockchain safety agency, roughly $336.3 million was misplaced to hacks and scams in the first quarter of 2024. Particularly, Immunefi recognized 46 hacking incidents and 15 circumstances of fraudulent actions.
Moreover, the report revealed that DeFi protocols are nonetheless the first targets for cyber attackers, accounting for all of the reported hack incidents in Q1. Notably, the cross-chain protocol Orbit Bridge suffered the biggest exploit prior to now three months, shedding about $82 million on January 1.
Complete cryptocurrency market cap at $2.581 trillion on the each day timeframe | Supply: TOTAL chart on TradingView
Featured picture from Medium, chart from TradingView
