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HomeDeFiHackers stole $390k from Poolz Finance

Hackers stole $390k from Poolz Finance

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Hackers used a repetitive function to exploit Poolz Finance’s BNB and Polygon chains.
Cover art/illustration via CryptoSlate
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.
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.
In the meantime, the POOLZ token recorded a -97.25% decrease in the last 24 hours, according to CryptoSlate data.
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.
Zeynep is an academic who turned to crypto in 2018. Originating in social sciences, she is especially interested in the social impact of blockchain and cryptocurrencies and strongly believes in their transmuting power.
Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.
Poolz is a decentralized swapping protocol for cross-chain token pools, auctions, as well as OTC deals.
BNB, or Binance Coin, is a cryptocurrency created by Binance.
Polygon (previously Matic Network) is a protocol and a framework for building and connecting Ethereum-compatible blockchain networks.
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