01 Apr

According to the decentralized borrowing protocol, $11.6 million was exploited last week because 14 accounts have not yet invalidated the impacted smart contract.

Decentralized finance (DeFi) startup Prisma Finance reports that $540,000 in account funds remain outstanding until the smart contract that caused last week's $11.6 million exploit is revoked.

Meanwhile, the hacker who calls himself a "white hat" claims to have discovered the identity of the firm's crew and wants an apology before giving back the money.

The primary goal is to unpause the protocol, but before doing so, all users must make sure their wallets and positions are secure, according to a "path forward" article made by core contributor "Frank" on April 1.

A post-mortem post from Prisma, last updated on March 31, states that two MigrateTroveZap contracts, intended to move user positions from one trove manager to another, were the cause of the multimillion-dollar exploit that hit the protocol last week.

A total of 14 accounts, five of which were still "at risk" with open trove holdings worth over $500,000, Frank pointed out, had not yet revoked the impacted smart contract.

As of the time of writing, around $540,000 worth of collateral remains in danger, as multiple impacted Troves have repudiated the contract containing the vulnerability.

With the help of "troves," or Ethereum addresses, users of Prisma, a decentralized borrowing system, can get and keep loans.

Frank clarified that while Prisma worked to retrieve the stolen money, part of their "path forward" involved "conserving additional reserves."
On April 1, a fresh plan was presented to decrease vePRISMA's staked revenue and POL's liquidity.

The exploiter asks that you identify yourself and issue a public apology.
Concurrently, the so-called "white hat" has charged the DeFi company with acting without due diligence and asserted that money would not be reimbursed unless it issues a formal apology.

To fully apologize to all customers and investors for neglecting to conduct a thorough audit of its smart contract, Prisma is organizing an online conference where all team members are required to present their faces and provide identification.

April 2024, Cryptoniteuae

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