-Polter Finance, a decentralized platform for free lending and lenders, has ceased operations after a hacker attack removed $12 million from its total block value (TVL). The in
cident occurred on 17.11.2017 and the platform suspended operations and notified investors on Monday, while launching an investigation into the misuse. The stolen funds were traced back to the wallet of #cryptocurrency exchange #Binance .
The hack may have been related to the recently launched Polter Finance flash loan attack related to mispricing oracle on the SpookySwap (BOO) marketplace. According to security firm #Web3 TenArmor, £1,200 million was lost as a result of the attack. Polter Finance has not yet confirmed the specific nature of the attack, but has contacted the hackers via chain messages, offering negotiation and immunity. But the hacker remains unresponsive.
The founder of Polter Finance, known by the pseudonym Whichghost, filed a statement with the Singapore police the same day, confirming the loss of more than S$16.1 million, totaling $112 million. This includes £223,219 in personal losses.
Interestingly, members of the X community were somewhat skeptical of the incident. Some suggested the possibility of insider interference. Critics questioned whether the police report was an attempt to divert attention away from internal issues. In response to the incident, Polter Finance announced a partnership with the Security Alliance Information Sharing and Analysis Center (SEAL-ISAC) to help find the perpetrators.
Prior to the attack, Polter Finance operated a ¥787 million marketplace using Fantom (FTM), ¥103 million using U. S. Dollar Coins (USDC), ¥251,000 using Magic Internet Money (MIM), and ¥210 million using Stader sFTMX worth ¥1,200 million. Despite attempts to recover the stolen funds, the incident has raised questions about the platform's security measures and the integrity of its operations.
The victims of recent cryptocurrency crimes are not just Polter Finance.
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