Hackers stole $390k from Poolz Finance Hackers stole $390k from Poolz Finance

Hackers stole $390k from Poolz Finance

Hackers used a repetitive function to exploit Poolz Finance's BNB and Polygon chains.

Hackers stole $390k from Poolz Finance

Cover art/illustration via CryptoSlate

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Cross-chain Web3 platform Poolz Finance (POOLZ) lost $390,000 to a hacking incident on Mar. 16, according to Forkast News’ report.

Hackers attacked Poolz Finance’s token vesting protocols on the Binance Smart Chain (BNB) and Polygon (MATIC) chains, Forkast News noted. The attack was first noticed by crypto sleuth PeckShield, who Tweeted the problem to warn Poolz Finance.

PeckShield noted:

“Our initial analysis shows the @Poolz__ hack is due to a classic arithmetic overflow issue, which is exploited to drain funds from the contract.”

It also tagged the relative bscscan link that shows the repetitive code of the attack.

Poolz Finance

Behaving as a decentralized crowdfunding platform, Poolz Finance helped 96 projects to hold initial dex offerings since its launch.

In response to the exploit, Poolz Finance tweeted to say that they flagged the hacker addresses and completely froze all POOLZ token porting on the ChainPort bridge. Poolz Finance said:

“First, the damage; the liquidity on pancake is around $200k, we are going to put the exact same amount from the company treasury.

Most important again, don’t trade POOLZ at the moment. Thanks.”

The team also noted that they will create a new smart contract for the POOLZ token and airdrop it to all addresses registered on the last block before the hack.

POOLZ token

In the meantime, the POOLZ token recorded a -97.25% decrease in the last 24 hours, according to CryptoSlate data.

POOLZUSDT
POOLZUSDT

The POOLZ token has been lingering a little over $4 before the attack. At the time of writing, it is being traded for $2.7864. CryptoSlate metrics also show that the token lost -10.19% and -96.96% in the last hour and last seven days, respectively.

Posted In: DeFi, Hacks