DeFi Platform Prisma Finance Hacked, Losses Reach Billions Of Rupiah

Prisma Finance experienced hacking. (Photo; Doc. Futura Science)

JAKARTA - The hacking incident hit the crypto industry again. Prisma Finance, a decentralized financial platform (DeFi), experienced a cyberattack that resulted in significant losses. Cyvers, a Web3 security platform, first detected suspicious transactions indicating an estimated initial loss of 9 million (around Rp. 142.65 billion). This attack was allegedly financed through the FixedFloat crypto exchange.

PeckShild, blockchain security firm, confirmed the attack, identified the Prisma mkUSD and wrapped STETH among the stolen assets. Cyvers detected several suspicious transactions, with the perpetrators using FixedFloat to finance its operations before deploying malicious contracts.

Prisma Finance Stop Post-Attack Operations

Responding to this exploit, Prisma Finance acknowledged the breach and temporarily suspended protocol operations and launched an investigation into the severity of the incident. In response to exploitation, Prisma advises users to revoke all connections to reduce potential loss of funds.

Perpetrators have started exchanging stolen funds into Ether, and attacks are still ongoing, as PeckShild noted. Total losses have risen to around $11.6 million (approximately Rp183.86 billion), prompting warnings to owners of the vault to remain alert to potential fraud.

This incident adds to the long list of cyberattacks in the crypto industry, with more than $200 million (approximately Rp3.17 trillion) missing due to hacking and withdrawals in 2024 across 32 individual incidents as of February 29, according to blockchain security firm Immunefi. These incidents continue to erode the credibility of the cryptocurrency industry. Recently, a gaming project in Blast also lost more than $62 million (approximately Rp982.3 billion) due to technical problems.

The attack on Prisma Finance highlights the vulnerability that exists in a decentralized financial ecosystem. Although blockchain technology offers many advantages, this incident shows that there are still security loopholes that need to be addressed. Further analysis and preventive measures will be key to minimizing the risk of similar attacks in the future.