As a seasoned crypto investor with years of experience navigating the volatile and often unpredictable world of digital assets, I’ve learned to always stay vigilant and adaptable in the face of adversity. The recent events surrounding Polter Finance have left me both disappointed and intrigued.
As a researcher, I find myself compelled to share an update about Polter Finance, a cutting-edge decentralized, non-custodial lending and borrowing platform. Recently, the platform chose to halt its operations following a cyber incident that allegedly depleted its Total Value Locked (TVL) by approximately $12 million. In response, they have engaged law enforcement authorities to investigate the matter thoroughly.
On November 17th, Polter Finance temporarily halted operations upon discovering a vulnerability, informing their investors accordingly. Subsequently, the protocol tracked down the misappropriated assets and found they had been transferred to wallets linked with the cryptocurrency exchange Binance.
As reported by cybersecurity company TenAror, the Polter Finance protocol suffered a loss of approximately $12 million following a malfunctioning oracle price-triggered flash loan assault on its recently introduced SpookySwap (BOO) market.
As a researcher, I’m still waiting to ascertain the true nature of the assault. In the interim, Polter Finance has attempted to engage the hacker through an on-chain message, proposing room for dialogue and assurances of immunity.
Yet, there was no reply from the hacker to Polter Finance. On the very same day, the anonymous creator of Polter Finance, Who-is-Ghost, submitted a police complaint to Singapore authorities. The police department validated Who-is-Ghost’s identity using Singpass, a digital identity system for Singapore citizens and residents.
Based on the police report, it’s been reported that Polter Finance suffered a loss of approximately 16.1 million Singapore dollars (equivalent to around 11.98 million US dollars) in cryptocurrencies. This loss also included a personal loss of $223,219 for Whichghost, who admitted to this amount.
“I wish to state that I did not provide anyone my login details (private keys) and I believed that my platform’s newly deployed smart contract (for BOO token lending) has been exploited, hence causing the unauthorized transactions.”
The BOO market, which enabled the $12 million hack, had a valuation of only $3,000.
Even though the company has been making an effort, there’s been widespread doubt among residents of area X, some even speculating that the event might have involved someone within the company. The filing of a police report was seen by critics as a possible tactic to divert attention away from an internal investigation.
In order to dispel any doubts, Polter Finance subsequently revealed that they had forged an alliance with the Security Alliance Information Sharing and Analysis Center (SEAL-ISAC), aiming to identify the culprit behind the attack.
The combined value of Polter Finance was approximately $12 million, with around $7.87 million in Fantom (FTM), $1.03 million in wrapped USD Coin (USDC), $251,000 in Magic Internet Money (MIM), and $2.1 million in Stader sFTMX, along with other assets as well.
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2024-11-18 11:10