Prisma Finance Gains Strong Community Support for Protocol Restart with DAO Approval
Prisma Finance has unveiled a strategy to cautiously restart operations following a hack that resulted in a loss of $11.6 million and prompted a temporary pause of the platform on March 28.
Reinstating borrowing capabilities on Prisma hinges upon achieving consensus through an ongoing community vote.
On March 28, the decentralized finance (DeFi) protocol Prisma Finance was exploited to steal around $10 million worth of cryptocurrencies. The exploit at Prisma Finance was executed through a flaw in the migration zap contract, leading to a loss of approximately $11.6 million.
This contract was intended to manage transitions between trove managers but was manipulated to extract assets, including wrapped-staked Ethereum (wstETH). The stolen assets were swiftly converted to Ethereum (ETH), complicating efforts to track and recover the funds.
The protocol claimed that the core functionality of Prisma Finance remained unaffected. The issue was confined to a specific component, the migration zap contract, thereby not compromising the protocol.
New Snapshot Vote: [PIP-036]
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