{"id":18700,"date":"2024-11-18T19:07:19","date_gmt":"2024-11-18T17:07:19","guid":{"rendered":"https:\/\/forklog.com\/en\/polter-finance-hacked-for-12-million\/"},"modified":"2024-11-18T19:07:19","modified_gmt":"2024-11-18T17:07:19","slug":"polter-finance-hacked-for-12-million","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/polter-finance-hacked-for-12-million\/","title":{"rendered":"Polter Finance Hacked for $12 Million"},"content":{"rendered":"<p>The decentralised lending platform Polter Finance has fallen victim to an attack on the Fantom blockchain, losing the majority of its assets\u2014over 16.1 million <span data-descr=\"Singapore dollar\" class=\"old_tooltip\">SGD<\/span> (~$12 million). The personal loss of the project&#8217;s founder, known as Whichghost, amounted to approximately 300,000 SGD (more than $223,000).<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">the following is the police report filed regarding <a href=\"https:\/\/twitter.com\/polterfinance?ref_src=twsrc%5Etfw\">@polterfinance<\/a> exploit <a href=\"https:\/\/twitter.com\/search?q=%24POLTER&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$POLTER<\/a> <a href=\"https:\/\/t.co\/1PycJIrbZV\">pic.twitter.com\/1PycJIrbZV<\/a><\/p>\n<p>\u2014 whichghost ? | Polter Finance (@whichghost) <a href=\"https:\/\/twitter.com\/whichghost\/status\/1858134916632080648?ref_src=twsrc%5Etfw\">November 17, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The incident was discovered on the morning of November 17. Preliminary data suggests that the hacker manipulated the pricing mechanisms of the SpookySwap (BOO) token on the Fantom blockchain using oracles.<\/p>\n<p>Experts from QuillAudits explained to <a href=\"https:\/\/decrypt.co\/292080\/crypto-lender-polter-finance-hack-drains-funds\">Decrypt<\/a> that the perpetrator artificially inflated the token&#8217;s price through a flash loan and withdrew a significantly larger amount of other assets.\u00a0<\/p>\n<p>The funds for the attack <a href=\"https:\/\/app.blocksec.com\/explorer\/tx\/fantom\/0x5118df23e81603a64c7676dd6b6e4f76a57e4267e67507d34b0b26dd9ee10eac\">originated<\/a> from the Tornado Cash mixer.\u00a0<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cI did not provide my login details (private keys) to anyone and believe that the exploit affected a recently deployed smart contract on my platform, leading to unauthorised transactions,\u201d stated Whichghost.<\/p>\n<\/blockquote>\n<p>Following the breach, Polter Finance suspended operations to contain the damage.\u00a0<\/p>\n<p>Analysts at Cyvers Alerts estimate the platform&#8217;s losses at $7 million.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">?ALERT?<a href=\"https:\/\/twitter.com\/polterfinance?ref_src=twsrc%5Etfw\">@PolterFinance<\/a> has reported an exploit on the <a href=\"https:\/\/twitter.com\/hashtag\/Fantom?src=hash&#038;ref_src=twsrc%5Etfw\">#Fantom<\/a> chain. Over $7M in digital assets have been stolen!<br \/>Transaction: <a href=\"https:\/\/t.co\/2sFDXiLkpm\">https:\/\/t.co\/2sFDXiLkpm<\/a><br \/>? The attacker was originally funded via <a href=\"https:\/\/twitter.com\/TornadoCash?ref_src=twsrc%5Etfw\">@TornadoCash<\/a> on <a href=\"https:\/\/twitter.com\/hashtag\/Ethereum?src=hash&#038;ref_src=twsrc%5Etfw\">#Ethereum<\/a>, with funds later bridged to <a href=\"https:\/\/twitter.com\/hashtag\/Fantom?src=hash&#038;ref_src=twsrc%5Etfw\">#Fantom<\/a>.<br \/>The team has taken\u2026 <a href=\"https:\/\/t.co\/dYgVzDdsoh\">https:\/\/t.co\/dYgVzDdsoh<\/a> <a href=\"https:\/\/t.co\/N1u5sh7BPf\">pic.twitter.com\/N1u5sh7BPf<\/a><\/p>\n<p>\u2014 ? Cyvers Alerts ? (@CyversAlerts) <a href=\"https:\/\/twitter.com\/CyversAlerts\/status\/1858388202102685892?ref_src=twsrc%5Etfw\">November 18, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>According to <a href=\"https:\/\/preview.dl.llama.fi\/protocol\/polter-finance?mcap=false&#038;staking=false&#038;tvl=true\">DeFi Llama<\/a>, prior to the attack, Polter Finance&#8217;s <span data-descr=\"total value locked\" class=\"old_tooltip\">TVL<\/span> was approximately $9.7 million. At the time of writing, the figure stands at $60,435.<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-qw.googleusercontent.com\/docsz\/AD_4nXdaS-v5Ej0bv6t7mZQscPHrx4wjSxtz6ayb6YTVzt6r3f5NtVbMo5Kp4xHE04QmjBCPV9D0F0PlpgQg1heAt5QuNgZivhpgr4qj4L5QsmL08NFGVVrEWuoyrV_fPoOdmz5Z9ryDYA?key=gy-RJBh3Jhj04vcIx66Uffec\" alt=\"Polter Finance Hacked for $12 Million\"\/><figcaption class=\"wp-element-caption\">Data: DeFi Llama.<\/figcaption><\/figure>\n<p>The Polter Finance team identified the wallets involved and traced the movement of funds to the Binance exchange. The investigation is ongoing.\u00a0<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">The platform was paused soon after the exploit was identified. <br \/>Bridges were notified.<br \/>We identified wallets involved and traced it to Binance. <br \/>We are still investigating the nature of the exploit. <br \/>We are in the processing of contacting the Authorities.<\/p>\n<p>\u2014 polterfinance? (@polterfinance) <a href=\"https:\/\/twitter.com\/polterfinance\/status\/1857971122043551898?ref_src=twsrc%5Etfw\">November 17, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The platform has sent a message on the blockchain to the perpetrator, expressing willingness to negotiate and drop any claims if the funds are returned.\u00a0<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">We are formally reaching out on-chain to the exploiter regarding the <a href=\"https:\/\/twitter.com\/search?q=%24POLTER&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$POLTER<\/a> exploit. <a href=\"https:\/\/t.co\/XKrYlahaSx\">pic.twitter.com\/XKrYlahaSx<\/a><\/p>\n<p>\u2014 polterfinance? (@polterfinance) <a href=\"https:\/\/twitter.com\/polterfinance\/status\/1858158065264324769?ref_src=twsrc%5Etfw\">November 17, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Back in October, the lending protocol Radiant Capital suffered an attack amounting to over $50 million.\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The decentralised lending platform Polter Finance has fallen victim to an attack on the Fantom blockchain, losing the majority of its assets\u2014over 16.1 million SGD (~$12 million). The personal loss of the project&#8217;s founder, known as Whichghost, amounted to approximately 300,000 SGD (more than $223,000). the following is the police report filed regarding @polterfinance exploit [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":18699,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1389,44,1462,1097],"class_list":["post-18700","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-blockchain-oracles","tag-cybercrime","tag-fantom-blockchain","tag-lending"],"aioseo_notices":[],"amp_enabled":true,"views":"18","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/18700","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=18700"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/18700\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/18699"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=18700"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=18700"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=18700"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}