{"id":407932,"date":"2024-03-28T16:55:41","date_gmt":"2024-03-28T16:55:41","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=407932"},"modified":"2024-03-28T15:57:38","modified_gmt":"2024-03-28T15:57:38","slug":"prisma-finances-11-6-million-exploit-leads-to-asset-value-plummet-mkusd-stablecoin-instability","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/prisma-finances-11-6-million-exploit-leads-to-asset-value-plummet-mkusd-stablecoin-instability\/","title":{"rendered":"Prisma Finance $11.6 million exploit leads to asset value plummet, mkUSD stablecoin instability"},"content":{"rendered":"<p><a href=\"https:\/\/cryptoslate.com\/coins\/ethereum\/\">Ethereum<\/a> liquid restaking platform Prisma Finance <a href=\"https:\/\/twitter.com\/PrismaFi\/status\/1773371030129524957\">said<\/a> its vaults were exploited earlier today for an undisclosed sum.<\/p>\n<p>According to the protocol:<\/p>\n<blockquote><p>&#8220;Prisma Protocol has been paused by the emergency multisig and remaining funds are safe. mkUSD and ULTRA, as stablecoins, are overcollateralized and are not at risk.&#8221;<\/p><\/blockquote>\n<p><em>CryptoSlate<\/em> data shows that the <a href=\"https:\/\/cryptoslate.com\/coins\/prisma-mkusd\/\">mkUSD stablecoin<\/a> has deviated from its $1 peg and is currently trading at $<span class=\"holepunch holepunch-coin_price_usd\">0.98968 as of press time.<\/span><\/p>\n<p>Also, the project's native PRISMA token fell by more than 25% to as low as $0.24, according to CoinMarketCap data. As of press time, the digital asset's value has slightly rebounded to $0.3024.<\/p>\n<p>Furthermore, news of the exploit resulted in a 40% decline in the total value of assets locked on the protocol. According to DeFillama <a href=\"https:\/\/defillama.com\/protocol\/prisma-finance\">data<\/a>, assets on the platform have fallen to $143 million from the $236 million recorded on March 27.<\/p>\n<h2>The hack<\/h2>\n<p>Blockchain security firm Beosin <a href=\"https:\/\/x.com\/BeosinAlert\/status\/1773334219965505768?s=20\">reported<\/a> that the platform suffered a flash loan<a href=\"https:\/\/cryptoslate.com\/woofi-offers-10-bounty-in-race-to-recover-8-million-stolen-in-flash-loan-exploit\/\">\u00a0attack<\/a> that resulted in the theft of $11.6 million in digital assets.<\/p>\n<p>Initial reports from Cyvers Alert, another blockchain security firm, <a href=\"https:\/\/x.com\/CyversAlerts\/status\/1773317625231077868?s=20\">revealed<\/a> that the attacker was funded via decentralized exchange FixedFloat and estimated losses at $9 million.\u00a0However, Prisma Finance's lethargy in pausing its contract <a href=\"https:\/\/x.com\/CyversAlerts\/status\/1773323085329973395?s=20\">allowed<\/a> the attacker to siphon an additional $1 million.<\/p>\n<p>As of press time, Prisma has paused its protocol for an investigation. Additionally, the platform advised vault owners to turn off delegate approval on both LST and LRTs as a precautionary measure.<\/p>\n<h2>Phishing links<\/h2>\n<p>Following Prisma's disclosure, there has been a noticeable surge in <a href=\"https:\/\/cryptoslate.com\/glossary\/phishing\/\">phishing<\/a> attempts by malicious actors seeking to capitalize on the situation.<\/p>\n<p>One such actor impersonating Prisma falsely claimed that wallets previously connected to the platform could be at risk. So, the phishing attempt urges the protocol users to connect their wallets and utilize a malicious revoke.cash exploit checker for safety assurance.<\/p>\n<p>However, Prisma strongly advised its users to be careful and &#8220;trust only official communication channels.&#8221; The protocol <a href=\"https:\/\/x.com\/PrismaFi\/status\/1773328922073010385?s=20\">added<\/a>:<\/p>\n<blockquote><p>&#8220;During the next hours, be careful with phishing links of all sort.&#8221;<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>Ethereum liquid restaking platform Prisma Finance said its vaults were exploited earlier today for an undisclosed sum. According to the protocol: &#8220;Prisma Protocol has been paused by the emergency multisig and remaining funds are safe. mkUSD and ULTRA, as stablecoins, are overcollateralized and are not at risk.&#8221; CryptoSlate data shows that the mkUSD stablecoin has [&hellip;]<\/p>\n","protected":false},"author":720,"featured_media":407962,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[46940,16041],"tags":[72190,79392],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Prisma Finance $11.6 million exploit leads to asset value plummet, mkUSD stablecoin instability<\/title>\n<meta name=\"description\" content=\"Liquid restaking platform Prisma Finance halts operations after $11.6 million flashloan heist shakes ecosystem.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/prisma-finances-11-6-million-exploit-leads-to-asset-value-plummet-mkusd-stablecoin-instability\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Prisma Finance $11.6 million exploit leads to asset value plummet, mkUSD stablecoin instability\" \/>\n<meta property=\"og:description\" content=\"Liquid restaking platform Prisma Finance halts operations after $11.6 million flashloan heist shakes ecosystem.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/prisma-finances-11-6-million-exploit-leads-to-asset-value-plummet-mkusd-stablecoin-instability\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2024-03-28T16:55:41+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-03-28T15:57:38+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2024\/03\/hacker-prism.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Oluwapelumi Adejumo\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Oluwapelumi Adejumo\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/prisma-finances-11-6-million-exploit-leads-to-asset-value-plummet-mkusd-stablecoin-instability\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/prisma-finances-11-6-million-exploit-leads-to-asset-value-plummet-mkusd-stablecoin-instability\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#person\",\"name\":\"Oluwapelumi Adejumo\",\"url\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/12\/profile-photo-oluwapelumi-adejumo-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/12\/profile-photo-oluwapelumi-adejumo-300x300.jpg\",\"caption\":\"Oluwapelumi Adejumo\"},\"jobTitle\":\"Senior Reporter\",\"description\":\"Oluwapelumi values Bitcoin's potential. 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