$7M Stolen in Polter Finance Exploit on Fantom Blockchain

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As a seasoned crypto investor with more than a few battle scars from the volatile world of digital assets, I must say that news like this one about Polter Finance is a stark reminder of the risks inherent in our chosen investment landscape. While it’s heartening to see that the team acted quickly and decisively upon discovering the exploit, it’s disheartening to know that millions of dollars have been stolen.

On the Fantom blockchain, it’s been disclosed that Polter Finance, a platform specializing in decentralized finance (similar to traditional banking but using cryptocurrency), has suffered a significant security breach. This unfortunate incident has resulted in the illicit acquisition of more than $7 million worth of digital assets.

According to Cyvers Alerts’ findings, the hacker first financed the attack using TornadoCash on Ethereum. Later, they transferred these funds to the Fantom network by utilizing a bridge transfer process.

Once they found out about the vulnerability, PolterFinance quickly responded by halting their platform to minimize additional harm. They also promptly informed related bridges and started tracking the misappropriated assets, eventually discovering wallets linked with Binance.

A thorough probe is currently being conducted to understand the complete extent of the cyber-attack. The PolterFinance squad has disclosed they’re collaborating closely with law enforcement to resolve the matter. At present, the platform remains inactive while additional security measures are put in place to minimize recurrences of such occurrences down the line.

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2024-11-18 10:12