Following the hack of decentralized finance (DeFi) platform Prisma Finance, the price of altcoins has begun to plummet.
According to the on-chain security monitoring platform Cyvers Alerts, Prisma Finance was attacked due to an open vulnerability in the TroveManager smart contract. It is believed that a total of 11 million dollars worth of Ethereum (ETH) was stolen, and the team made a statement regarding the issue.
The Prisma Finance team, shortly after the incident, stated on Twitter that they were aware of the attack. The team stated the following:
We are aware of a potential exploit in Prisma. Core engineering participants will pause the protocol and investigate. We will be sharing an update and post-mortem.
According to CoinMarketCap data, the native cryptocurrency of Prisma Finance, PRISMA, experienced a significant loss in value in a short period of time.
PRISMA dropped from $0.40 levels to $0.2433 with a 40% decrease before showing almost no signs of recovery, currently trading at $0.248. –
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