Stablecoin protocol Prisma Finance experienced a significant cyberattack, resulting in a nearly $11.6 million loss. 

The protocol’s operations have been temporarily halted for an ongoing investigation. This event marks the first significant security breach linked to the emerging risks associated with restaking. 

Security analysts at Cyvers first uncovered the attack and Coin Insider Daily reached out to the security firm for exclusive details of the incident. 

“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 ongoing bull market has seen surging activities from hackers. Last week, the Curio defi project was exploited for $16 million. Just days earlier, AirDAO was also hacked for nearly $450,000.

Experts have also warned about the potential increase in activities from North Korea’s Lazarus group, as the bull market is attracting threat actors at large.