• Hackers stole $390,000 from Poolz Finance on March 16.
• The attack was discovered by crypto sleuth PeckShield and was due to a classic arithmetic overflow issue.
• Poolz Finance flagged the hacker addresses and froze all POOLZ token porting on the ChainPort bridge in response to the exploit.
Hackers Steal $390k From Poolz Finance
Hackers stole $390,000 from Poolz Finance on Mar. 16, according to Forkast News‘ report. Cross-chain Web3 platform Poolz Finance (POOLZ) was targeted in the attack which was first noticed by crypto sleuth PeckShield, who Tweeted about it as a warning to Poolz Finance.
PeckShield noted that their initial analysis showed that the hack was due to a classic arithmetic overflow issue which allowed hackers to drain funds from the contract. This incident affected POOLZ’s token vesting protocols on both Binance Smart Chain (BNB) and Polygon (MATIC) chains.
In response to the exploit, Poolz Finance tweeted saying they had frozen all POOLZ token porting on the ChainPort bridge and flagged the hacker addresses. They promised to put an equal amount of liquidity from their company treasury into PancakeSwap and also create a new smart contract for the POOLZ token which would be airdropped to all addresses registered before the hack occurred.
Shortly after this incident happened, CryptoSlate data reported that POOLZ had suffered a -97.25% decrease in its value over 24 hours with it having lingered at around $4 before then being traded for only $2.7864 afterwards; also showing losses of -10.19% and -96.96% over one hour and seven days respectively.
Poolz Finance is a decentralized crowdfunding platform which helped 96 projects hold initial dex offerings since its launch in 2023; however, it has now unfortunately been subject to an attack resulting in significant financial loss for itself and investors alike with no clear resolution yet other than what has been proposed by Poolz itself through promises of compensation with similar amounts of liquidity being added back into PancakeSwap along with other initiatives such as creating new smart contracts for POOLZ tokens which will be distributed via an airdrop prior to any future tradings taking place again within this project’s ecosystem or elsewhere within DeFi space ultimately remaining uncertain until further announcements are made regarding this matter