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Hacker costs Poolz Finance $390K a few days after Euler Finance hack

Terra DeFi project Terraport Finance hacked: $2 million worth of digital assets stolen
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TL;DR

  • Hacker Steals $390K from Poolz Finance days after the $180 million Euler Finance Exploit.
  • The blockchain security firm mentioned that an arithmetic overflow issue might have contributed to the hack.

According to PeckShield’s discovery on Wednesday on the Binance Smart Chain and Polygon, a hack cost Poolz Finance almost $390,000.The blockchain security firm mentioned that an arithmetic overflow issue might have contributed to the hack.

According to PeckShield, preliminary research suggests that Poolz Finance has an arithmetic overflow problem. In computer science, it is an issue of a bigger operation yield against the relatively smaller storage system. For the Token Vesting contract, PeckShield discovered a repetitive pattern by the same sender.

Solidity source stated that arithmetic operations wrap on overflow. Because programmers typically expect that an overflow raises an error, which is the norm in high-level programming languages, this can easily lead to issues. When an operation overflows, “SafeMath” reverses the transaction to bring back this intuition. Blockchain vigilante Bythos was the first to notice and alert PeckShield to the problem.

Poolz is a cross-chain decentralized IDO platform. Because of its infrastructure, cryptocurrency initiatives can receive funding before going public. Yet, on the last day alone, the value of its POOLZ coin dropped by nearly 95%.

The price of POOLZ is currently $0.19, which is more than 99% below its all-time high. In April 2021, about two years prior, POOLZ reached its highest price ever at $50.89.

Euler Finance hack

In a related development, a vulnerability was discovered in the Euler Finance decentralized finance (DeFi) protocol on March 13. In a flash loan assault, hackers took over $195 million from the site.

Euler then informed the hacker via an on-chain communication stating,

“Tomorrow we will launch a $1M reward for information that leads to your arrest and the return of all assets if 90% of the cash are not returned within 24 hours.”

According to reports, the hackers transferred the money from the protocol to two new accounts. Ethereum and DAI stablecoins were liberally loaded into the wallets (ETH).

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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Lacton Muriuki

Lacton is an experienced journalist specializing in blockchain-based technologies, including NFTs and cryptocurrency. He dabbles in daily crypto news rich with well-researched stats. He adds aesthetic appeal, adding a human face to technology.

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