Prisma Finance Hack Leads to $6.5 Million in Ethereum Moved to Tornado Cash

Prisma Finance Hack Leads to $6.5 Million in Ethereum Moved to Tornado Cash

BollywoodFever, March 29: Following the $11.6 million breach of Prisma Finance, wallets associated with the hackers moved 1840 ETH (valued at approximately $6.5 million) to the cryptocurrency mixer Tornado Cash through several transactions, as identified by the cybersecurity firm PeckShield.

PeckShield reported that the transfers included a $2.7 million batch and a subsequent $3.8 million batch to Tornado Cash, a platform known for disguising the source of cryptocurrency funds, often used by cybercriminals, including those from North Korea.

The breach occurred yesterday, targeting Prisma Finance and resulting in the theft of assets such as mkUSD and wrapped stETH from the protocol.

In response to the incident, Prisma Finance acknowledged the exploit on X, stating that the Prisma Protocol has been temporarily halted to protect any remaining assets. The protocol assured that its mkUSD stablecoin, being overcollateralized, remains secure.

Furthermore, Prisma Finance promised to conduct a thorough analysis of the incident and to take steps towards recovering the lost funds.

The first quarter of 2024 has seen the cryptocurrency sector suffer significant losses, with $336 million lost to hacks and scams, as reported by Immunefi. Additionally, this Tuesday, the Web3 gaming platform Munchables experienced an exploit, losing over $60 million.

Also Read, Markets Close Q1 on a High Note, Though Growth in the US and China Faces Close Examination

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