The post How $11.1 Million Vanished from PrismaFi: Zach XBT Report appeared first on Coinpedia Fintech News
The calm of the DeFi community has recently been broken by the thorough investigation of Zach XBT revealing suspicious transactions involved in the $ 11 million Prisma finance hack.
As shown by Zach XBT, the exploit led to the colossal loss of 3257 ETH, approximately $11.1 million. This attack has been attributed to an individual with the address 0x7e39e3b3ff7adef2613d5cc49558eab74b9a4202, popularly known as “Trung” among other pseudonyms.
First, Trung laid out the plan by chatting with the Prisma deployer, claiming that such action had been taken in good faith. While the initial deposit was made in support, the subsequent act of funding Tornado Cash contradicted that statement.
What is more, Trung went as far as making extremely bold demands, like a $3.8MM ($34%) white-hat bounty, which was for sure significantly higher than the industry norm of 10%. The net effect of this struggle was that PrismaFi found its viability in question due to the absence of enough assets in the treasury to rectify the issue of user repayment.
More Research Unveils Deeper Involvement of Trung
Zach XBT started by going even deeper and discovered a string of transactions and patterns that reached from one hack to another. The hack is found to have been a result of Arbitrum as there were more transactions on the Tron and Bybit platforms that followed.
Interestingly, Trung seems to be a common name for those who already did shady deals at places like Pine Protocol and Arcade_xyz, where people were asked for the same things and even more.
The investigation further highlighted an alarming association between Trung and the operating address of Modulus protocol, tightening the knots of his involvement in several DeFi events. A closer examination of the phone numbers, addresses, and other information practically illustrated a person with a very good technical background.
Prisma Finance, as a response, has taken the most effective action so far, which includes pursuing legal ways in Vietnam and Australia to deal with the issue. However, Zach XBT contacted Trung to give the money back and advised on not to make the situation worse.
As the crypto space keeps on growing, the implementation of stringent security measures and supervision is of paramount importance to guarantee the protection of users against malicious actors.
