Prisma Finance, a DeFi protocol that issues stablecoins backed by Ethereum liquid staking and restaking tokens (LRTs), has been exploited for nearly $12 million.<\/p>\n
First flagged by blockchain security firm Cyvers<\/a>, attackers managed to make off with 3,258 ETH before the protocol was paused<\/a> by the team. Prisma users are advised to revoke approvals for the affected smart contracts.<\/p>\n The stolen assets have since been redistributed<\/a> to three Ethereum addresses, according to an analysis from security firm Peckshield.<\/p>\n <\/p>\n The protocol\u2019s PRISMA token crashed 30% after the exploit but has since recovered some losses. It currently trades at a $9 million market capitalization. Nearly $110 million was withdrawn from the protocol in the wake of the exploit, leaving it with $127 million in total value locked (TVL).<\/p>\n <\/p>\n <\/a><\/p>\n Prisma issues two dollar-pegged stablecoins, mkUSD and ULTRA, which can be minted against Ethereum liquid staking tokens (LSTs) and restaking tokens (LRTs), respectively. Its flagship mkUSD has a market capitalization of $35 million, while the newer ULTRA stands at just over $2 million.<\/p>\n Prisma\u2019s design is based on that of LUSD issuer Liquity<\/a>, which confirmed<\/a> on X that it is not susceptible to the same type of exploit.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":" The LRT-backed stablecoin protocol has been paused as the team investigates. Prisma Finance, a DeFi protocol that issues stablecoins backed by Ethereum liquid staking and restaking tokens (LRTs), has been exploited for nearly $12 million. First flagged by blockchain security firm Cyvers, attackers managed to make off with 3,258 ETH before the protocol was paused […]<\/p>\n","protected":false},"author":2,"featured_media":273519,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[274,273,272,244,266,271,268,270,269,267],"class_list":["post-273518","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-de-fi","tag-crypto-finance","tag-decentralized-finance","tag-liquidity","tag-metamask","tag-pancake","tag-slippage","tag-sushiswap","tag-tronlink","tag-trust-wallet","tag-uniswap"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/273518","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=273518"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/273518\/revisions"}],"predecessor-version":[{"id":273527,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/273518\/revisions\/273527"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/273519"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=273518"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=273518"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=273518"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}![\"Prisma](\"https:\/\/thedefiant.io\/_next\/image?url=https%3A%2F%2Fcdn.sanity.io%2Fimages%2F6oftkxoa%2Fproduction%2Fd88e6594445ada17212f243cfeae278d7c429b42-1016x301.jpg&w=828&q=100\")