Di. Jun 18th, 2024

• On March 15th, Poolz Finance experienced a hack due to an arithmetic overflow vulnerability.
• The Poolz team acted quickly and froze the hacker’s address, preventing further damages from occurring in their ecosystem.
• Within 10 hours of the attack, Poolz had already planned out response systems, compensation packages for users, and a future roadmap.

Poolz Finance Experiences a Hack

Late on March 15th, Poolz Finance experienced a hack with attackers exploiting a vulnerability in the arithmetic overflow of the platform. Upon discovery, the Poolz team leaped into action, rapidly disabling the point of entry and mitigating the worst of the effects.

Poolz’s Swift Response

The founder of Poolz, Liam Cohen stated that „We’re proud of our team’s swift and effective response to the cyber attack on our platform.“ As little as 10 hours after the exploit was discovered, they had already planned out response systems and comprehensive compensation packages for their users. They also had a future roadmap ready to be implemented. Thanks to their speedy response, they were able to freeze the hacker’s address preventing further damages from occurring within their ecosystem.

Exploit Details

According to PeckShield, a blockchain security and data analytics company; it was caused by an arithmetic overflow issue. The exploit was first detected when someone sent identical transaction patterns in order to extract tokens allocated for public buyers into their accounts and then converting them into BNB before moving them out of the system. This resulted in an estimated $390k USD worth of crypto being stolen from Poolz’s ecosystem which caused POOLZ token prices to drop more than 95%.

How Poolz Stopped Exploits

Within two hours since discovering it; Poolz had flagged down hacker addresses across different blockchain explorers preventing them from taking further action as well as removing liquidity from Sancakeswap & Uniswap protect their community against arbitrage attempts & unauthorized trading / buying activity respectively.

Conclusion

Thanks to swift action taken by the Security & Management Team at Poolz; this event did not cause as much damage as it could have otherwise done so. The founder proudly concluded “Our top priority is our community, and we’re committed to providing them with a secure and reliable platform for decentralized finance.“

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