Blockchain analyst ZachXBT has uncovered the alleged perpetrator behind the PrismaFi hack, revealing their involvement in the theft of $11.1 million in cryptocurrency. The hacker, known as 0x77 or Trung, was identified through a series of investigative posts by ZachXBT.

The Prisma team detected suspicious transactions on the MigrateTroveZap contract in March, resulting in a loss of 3,257 ETH. Initially, the attacker claimed the hack was a whitehat initiative but later deposited the stolen funds into Tornado Cash, a crypto mixer.

The hacker then made bold demands, including a $3.8 million whitehat bounty, well above industry standards. Further investigation revealed that the hacker’s address received funds through FixedFloat and was traced to the Arbitrum layer-2 solution on Ethereum. The hacker’s address was also linked to TRON withdrawals, including those from the Bybit exchange.

Connections to previous exploits, such as the Arcade_xyz and Pine Protocol hacks, were uncovered, along with ties to the deployer of @modulusprotocol on Telegram. Personal information gathered by ZachXBT pointed to a skilled individual with a technical background.

The Prisma team is taking legal action against the hacker in Vietnam and Australia based on the information provided by ZachXBT. This incident serves as a cautionary tale for the cryptocurrency community, highlighting the importance of security measures and due diligence.

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