Cyvers in the News

Tether blocks $280k linked to the FixedFloat hack, analyst explains breach

‍FixedFloat faced its second hack since February, as an earlier exploit cost the exchange over $26 million.

In both incidents, unauthorized access to the hot wallet led to the withdrawal of $2.8 million and $26 million in several tokens, respectively. Blacklisted tokens like USDT and USDC were swiftly swapped to avoid being frozen, while DAI was directly deposited to eXch without conversion. ^{Cyvers analysts believe the pattern indicates a targeted exploitation of vulnerabilities within the system’s access controls.}

https://news.bitcoin.com/prisma-finance-suffers-11-6m-hack-in-liquid-staking-shockwave-moves-to-mitigate-fallout/#:~:text=Cyvers,-reported%20the%20intrusion

Prisma Finance Suffers $11.6M Hack in Liquid Staking Shockwave, Moves to Mitigate FalloutOn a recent Thursday, blockchain surveillance and safety squads from Peckshield and Cyvers reported the intrusion into Prisma Finance’s liquid staking mechanism. ^{Cyvers unveiled that their monitoring system identified a “malicious contract” a mere two minutes before the attack was executed.}

Prisma Finance Hacked: $11 Million Gone in DeFi Breach

‍An analyst from Cyvers detailed the attack’s mechanics. They explained to BeInCrypto how the perpetrators funded their operations through FixedFloat before deploying a malicious contract. ^{Cyvers identified this contract two minutes before the initial exploit transaction}, highlighting the attack’s rapid succession and execution.

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‍“It is more than $11 million now. It can go $20 million as there is still funds in the contract. We messaged Prisma Finance to pause their contract since it has pause function,” security researchers at Cyvers told BeInCrypto.