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Polter Finance, a decentralized non-custodial lending and borrowing platform, suspended its operations and brought in law enforcement after its total value locked (TVL) was reportedly $12 million in a hack.
On November 17, Polter Finance suspended its platform after discovering the exploit and notified investors about X. The protocol examined the stolen funds and traced them to wallets on the Binance cryptocurrency exchange.
According to Web3 security company TenArmor, the Polter Finance protocol lost $12 million due to an erroneous Oracle attack on the newly launched SpookySwap (BOO) marketplace related to oracle prices.
Polter has not yet confirmed the nature of the attack. Meanwhile, Polter Finance approached the hacker through a message on the network, offering an opportunity for negotiations and impunity.
However, the hacker did not respond to Polter Finance. The pseudonymous founder of Polter Finance, known as Whichghost, filed a police report with Singapore authorities on the same day. The Police Department confirmed Whichghost's identity with Singpass, a digital ID for Singaporean citizens and residents.
According to a police report, Polter Finance lost more than S$16.1 million ($11.98 million) worth of cryptocurrency. This includes $223,219 in personal losses for Whichghost, who stated,
"I want to state that I did not provide my login details (private keys) to anyone and believed that my platform's newly deployed smart contract (to lend BOO tokens) was used, resulting in unauthorized transactions."
The BOO market, where the $12 million hack took place, was valued at just $3,000.
Despite the company's efforts, many members of the X community expressed skepticism, with some speculating that the incident could have been related to insider activity. Critics pointed to filing a police report as a potential distraction from internal controls.
To put an end to skepticism, Polter Finance later announced a partnership with the Security Alliance Information Sharing and Analysis Center (SEAL-ISAC) to help track down the attacker.
Polter Finance's total market volume was $12 million, including $7.87 million for Fantom (FTM), $1.03 million in wrapped USD coin (USDC), $251,000 for Magic Internet Money (MIM), and $2.1 million for Stader sFTMX, among others.
On November 17, Polter Finance suspended its platform after discovering the exploit and notified investors about X. The protocol examined the stolen funds and traced them to wallets on the Binance cryptocurrency exchange.
According to Web3 security company TenArmor, the Polter Finance protocol lost $12 million due to an erroneous Oracle attack on the newly launched SpookySwap (BOO) marketplace related to oracle prices.
Polter has not yet confirmed the nature of the attack. Meanwhile, Polter Finance approached the hacker through a message on the network, offering an opportunity for negotiations and impunity.
However, the hacker did not respond to Polter Finance. The pseudonymous founder of Polter Finance, known as Whichghost, filed a police report with Singapore authorities on the same day. The Police Department confirmed Whichghost's identity with Singpass, a digital ID for Singaporean citizens and residents.
According to a police report, Polter Finance lost more than S$16.1 million ($11.98 million) worth of cryptocurrency. This includes $223,219 in personal losses for Whichghost, who stated,
"I want to state that I did not provide my login details (private keys) to anyone and believed that my platform's newly deployed smart contract (to lend BOO tokens) was used, resulting in unauthorized transactions."
The BOO market, where the $12 million hack took place, was valued at just $3,000.
Despite the company's efforts, many members of the X community expressed skepticism, with some speculating that the incident could have been related to insider activity. Critics pointed to filing a police report as a potential distraction from internal controls.
To put an end to skepticism, Polter Finance later announced a partnership with the Security Alliance Information Sharing and Analysis Center (SEAL-ISAC) to help track down the attacker.
Polter Finance's total market volume was $12 million, including $7.87 million for Fantom (FTM), $1.03 million in wrapped USD coin (USDC), $251,000 for Magic Internet Money (MIM), and $2.1 million for Stader sFTMX, among others.
