Poolz Finance, a cross-chain decentralized IDO platform, suffered a $390k loss as a result of a hack attack.
Hackers Steal $390K From Poolz Finance
The first report on the hack attack came from blockchain vigilante Bythos. Blockchain security company PeckShield took over the issue and submitted its first report. According to the PeckShield report, Poolz had an arithmetic overflow problem. In computer science, this problem occurs when large transactions are sent to small storage systems. This vulnerability, discovered by hackers, cost Poolz Finance $390k in losses. The source in Solidity states,
“Arithmetic operations in Solidity wrap on overflow. This can easily result in bugs, because programmers usually assume that an overflow raises an error, which is the standard behavior in high level programming languages.`SafeMath` restores this intuition by reverting the transaction when an operation overflows.”
2nd Hacker Attack This Month
The unfortunate incident that happened to Poolz is unfortunately not the first. Blockchain companies have been subjected to many hacking attacks to date and have suffered from this situation.
Hackers stole a total of more than $195 million from Euler Finance, a DeFi protocol, in a sudden cyberattack on March 13. The stolen funds were transferred to the DAI stablecoin and Ethereum. Euler sent a message to the hackers after this attack and said the following:
“If 90% of the funds are not returned within 24 hours, tomorrow we will launch a $1M reward for information that leads to your arrest and return of all funds.”
Also, hackers have stolen more than $8.5 million from Platypus in the past weeks. Hack attacks for 2023 have already begun, and the new target of hackers seems to be the DeFi sector.
About Poolz Finance
Poolz is a decentralized cross-chain IDO platform that carefully selects the most innovative projects in the crypto world, enabling them to launch, grow and raise funds.
On the platform, users can participate in IDOs and NFT sales on Ethereum, BNB Chain, Polygon, Celo, and Avalanche.
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