The decentralized lending platform Polter Finance was attacked on the Fantom blockchain, losing most of its assets – over 16.1 million SGD (~$12 million). Personal damage to the founder of the project under the nickname Whichghost amounted to ~300,000 SGD (more than $223,000).
the following is the police report filed regarding @polterfinance exploit $POLTER pic.twitter.com/1PycJIrbZV
— whichghost 💥 | Polter Finance (@whichghost) November 17, 2024
The incident was discovered on the morning of November 17. According to preliminary data, the hacker manipulated the pricing mechanisms of the SpookySwap (BOO) token on the Fantom blockchain using oracles.
As QuillAudits experts explained in a commentary Decryptthe attacker artificially inflated the price of the token through a flash loan and withdrew a much larger amount of other assets.
Means for carrying out an attack arrived from the Tornado Cash mixer.
After discovering the violation, Polter Finance suspended operations to contain the damage.
Cyvers Alerts analysts estimate the damage to the platform at $7 million.
🚨ALERT🚨@PolterFinance has reported an exploit on the #Fantom chain. Over $7M in digital assets have been stolen!
Transaction: https://t.co/2sFDXiLkpm
💰 The attacker was originally funded via @TornadoCash on #Ethereumwith funds later bridged to #Fantom.
The team has taken… https://t.co/dYgVzDdsoh pic.twitter.com/N1u5sh7BPf— 🚨 Cyvers Alerts 🚨 (@CyversAlerts) November 18, 2024
According to DeFi Llamabefore the attack TVL Polter Finance was around $9.7 million. At the time of writing, it sits at $60,435.
The Polter Finance team identified the wallets involved and traced the chain of funds to the Binance exchange. The investigation is ongoing.
The platform was paused soon after the exploit was identified.
Bridges were notified.
We identified wallets involved and traced it to Binance.
We are still investigating the nature of the exploit.
We are in the processing of contacting the Authorities.— polterfinance💥 (@polterfinance) November 17, 2024
The platform sent the attacker a message on the blockchain about its readiness to negotiate and abandon the claim in case of a return of funds.
We are formally reaching out on-chain to the exploiter regarding the $POLTER exploit. pic.twitter.com/XKrYlahaSx
— polterfinance💥 (@polterfinance) November 17, 2024
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Source: Cryptocurrency
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