Crypto Lender Polter Finance Shuts Down Operations After $12M Hack!

Although cryptos have been around for over a century, they are still not risk-free. Because these cryptos are online based, incidents like major hacks are still heard from time to time. There have been many incidents of major hacking so far. Another company that has been hacked by Sampriti is Poulter Finance. It is an institution that is essentially a decentralized non-custodial lending and borrowing platform. Recently there was a hack of this organization and it is worth 12 million dollars. After draining this amount of Total Value Locked (TVL) the company stopped its operations and also involved the law enforcement.

source

However, before they shut down their operations, they alerted their users and the platform identified an exploit. After identifying this they informed the investors in X and after that they stopped their activities. The platform has now started investigating the stolen funds and tracing them to the wallets of crypto exchange Binance. Web3 security firm TenArmor is claiming that they are responsible for losing this money. Polter Finance Protocol claims to have lost $12 million due to a flawed Oracle pricing-related flash loan attack on its newly launched SpookySwap (BOO) marketplace.

Although the platform reached out to the hacker through an on-chain message, the lending platform is yet to confirm the reason for the attack or the nature of the attack. That is why the platform has given opportunity for discussion and impunity. Although those who actually hacked these funds have not yet responded to their offer. However, the platform filed a police report with the Singaporean authorities. Police verified the identity of any ghosts using Singpass, a digital identity for citizens and residents of Singapore. The hack that occurred on the platform caused the platform to lose about 16.1 million Singapore dollars ($12 million) worth of crypto.

Although this platform claims that they have not given their login details (private key) to anyone. Even one of these platforms is claiming that they have exploited the platform's newly deployed smart contract (for BOO token lending). So it causes unauthorized transaction. However, when they released their message via Twitter, many members of the Twitter community expressed doubts about it, with many suggesting that it might be related to insider activity. Critics point to filing a police report as a possible distraction from internal scrutiny.