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The growing adoption of cryptocurrency has backed the sudden growth of the popularity of digital assets. As technology evolves, the risk of getting hacked and scammed is growing; bad actors use high-functioning machines to commit these thefts.
Prisma Finance paused its service on March 28 after it faced a theft of $11.6 Million; the ecosystem recently informed that it had devised a plan to uplight the halt over the services safely.
Restarting the borrowing facility over Prisma Finance will require consensus through an ongoing vote.
Frank Olson, a core contributor of Prisma Finance, suggested a way to “safely” resume the protocol and re-enable the ability for users to deposit liquid staking tokens (LSTs) and liquid restacking tokens (LRTs) and borrow overcollateralized stablecoin.
Frank said, “Unpausing the protocol is a critical part of the path to recovery and it will reestablish normal functionality, including complete Vault management and deposits into the Stability Pool.”
Other News
Hackers attacked the DeFi protocol Prisma Finance on March 28 and used it to steal cryptocurrency valued at about $10 Million.
According to Cyvers, the attacker transferred the funds to Ethereum after executing the first hack.
Immunefi, a security and blockchain analysis firm, notes that the losses to Web3 hacks and scams slipped 23% in Q1 2024 compared to 2023. The report further details that the total amount lost in Q1 2024 is $336 Million; in Q1 2023, it was $437 Million.
From the entry losses, hacks mainly accounted for 96%, and scams and other activities accounted for 4%. The hacking approach wiped off most of the funds, with rug pulls and phishing coming in second.
Blockchain security firm Biosin said in a newly published analysis that there would be a 35%–40% increase in cryptocurrency breaches in Q3 2023.
Decentralized finance is still the target of the most attacks, claims Biosin. In the DeFi field, there were 29 attacks, which make up 67.4% of all instances. Among all project kinds, the public chain saw the most significant amount of losses.
Crypto Market Overview
The cryptocurrency market capitalization slipped 2.55% in the past 24 hours; when writing, it was $2.403 Trillion. It dipped over 6.10% in the past seven days. However, it added 47.47% in a quarter.
The intraday gainers list is led by Pendle (PENDLE) as its price surged 11.30%, Bitcoin Cash (BCH) at 4.05%, and Toncoin (TON) at 2.62%, including others.
Ethena (ENA) grew significantly in the past few weeks, but after losing 21.91% in the past 24 hours, it led the intraday losers list.
Bitcoin, the market leader, lost 4.95% of its trading price in the past seven days; at the time, it was trading at $66,759. Ethereum, the second most prominent cryptocurrency, lost 2.41% of its price intraday and is trading at $3,264.
Disclaimer
The views and opinions stated by the author or any other person in this article are for informational purposes only and do not constitute financial, investment, or other advice.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
