The LRT-backed stablecoin protocol has been paused because the group investigates.
Prisma Finance, a DeFi protocol that points stablecoins backed by Ethereum liquid staking and restaking tokens (LRTs), has been exploited for practically $12 million.
First flagged by blockchain safety agency Cyvers, attackers managed to make off with 3,258 ETH earlier than the protocol was paused by the group. Prisma customers are suggested to revoke approvals for the affected sensible contracts.
The stolen property have since been redistributed to a few Ethereum addresses, in accordance with an evaluation from safety agency Peckshield.
The protocol’s PRISMA token crashed 30% after the exploit however has since recovered some losses. It at the moment trades at a $9 million market capitalization. Practically $110 million was withdrawn from the protocol within the wake of the exploit, leaving it with $127 million in complete worth locked (TVL).
Prisma points two dollar-pegged stablecoins, mkUSD and ULTRA, which might be minted towards Ethereum liquid staking tokens (LSTs) and restaking tokens (LRTs), respectively. Its flagship mkUSD has a market capitalization of $35 million, whereas the newer ULTRA stands at simply over $2 million.
Prisma’s design is predicated on that of LUSD issuer Liquity, which confirmed on X that it’s not prone to the identical kind of exploit.
