Prisma Finance, a stablecoin protocol, recently fell victim to a cyberattack resulting in a loss of approximately $11.6 million. The protocol has temporarily suspended its operations for an investigation into the incident. This attack highlights the growing risks associated with restaking in the cryptocurrency space.

Security analysts at Cyvers were the first to discover the attack on Prisma Finance. Crypto news sources reached out to the security firm for exclusive insights into the breach.

“We have detected multiple attacks on Prisma Finance Trove Manager Contract. The attacker was funded by FixedFloat and 7 minutes later deployed a malicious contract that was detected by Cyvers as 2 min before the first exploit transaction. The exploit is ongoing, and we have already detected six exploit transactions with a total value lost of $9M.” – Deddy Lavid, CEO at Cyvers

The recent bull market has seen a rise in hacking activities. Just last week, the Curio DeFi project was exploited for $16 million. Prior to that, AirDAO also fell victim to a hack, losing nearly $450,000.

Experts are also concerned about the potential increase in cyber threats from North Korea’s Lazarus group, as the bull market continues to attract threat actors. It is essential for cryptocurrency investors to stay vigilant and take necessary precautions to protect their assets.

For more information on cybersecurity threats in the crypto space, stay tuned to Global Crypto News.

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