2024

DeFi

Million

when

Fantom (Migrated to Sonic)

<ul class="wp-block-list">
 <li><strong>Polter Finance lost over $7 million in a Crypto hack after the attacker used TornadoCash to move funds from Ethereum to the Fantom blockchain.</strong></li>
 <li><strong>The platform paused operations and, which was alerted by Cyvers Alerts, is working with authorities to trace the stolen assets and prevent future attacks.</strong></li>
</ul>
<p>Polter Finance, a platform that lets people borrow and lend cryptocurrency caught into a Crypto hack on November 18, 2024, and over $7 million was stolen.</p>
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   <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>— polterfinance <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f4a5.png" alt="💥" class="wp-smiley" style="height: 1em; max-height: 1em;"> (@polterfinance) <a href="https://twitter.com/polterfinance/status/1857971122043551898?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">November 17, 2024</a>
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<h3 class="wp-block-heading" id="h-how-the-crypto-hack-has-happened">How the Crypto Hack has Happened</h3>
<p>The hacker used<a href="https://x.com/TornadoCash" target="_blank" rel="noopener noreferrer nofollow"> TornadoCash,</a> which lets people send cryptocurrency. Which is to hide where the stolen funds came from. They first moved the money from Ethereum (another blockchain) to the Fantom blockchain. Where Polter Finance operates. Once the money was on Fantom, the hacker used a weakness in Polter Finance’s system to steal over $7 million in digital assets.</p>
<h3 class="wp-block-heading" id="h-what-polter-finance-did-next">What Polter Finance Did Next</h3>
<p>Once Polter Finance realized what had happened through <a href="https://x.com/CyversAlerts/status/1858388202102685892" target="_blank" rel="noopener noreferrer nofollow">Cyvers alerts</a> , it quickly paused its platform to prevent more money from being stolen. It also notified services that help move assets between different blockchains to prevent the stolen funds from spreading further. Polter Finance traced the stolen money to some wallets linked to Binance, a major cryptocurrency exchange.</p>
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   <p lang="en" dir="ltr"><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;">ALERT<img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"><a href="https://twitter.com/polterfinance?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@PolterFinance</a> has reported an exploit on the <a href="https://twitter.com/hashtag/Fantom?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Fantom</a> chain. Over $7M in digital assets have been stolen!<br>Transaction: <a href="https://t.co/2sFDXiLkpm" rel="noopener noreferrer nofollow">https://t.co/2sFDXiLkpm</a><br><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f4b0.png" alt="💰" class="wp-smiley" style="height: 1em; max-height: 1em;"> The attacker was originally funded via <a href="https://twitter.com/TornadoCash?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@TornadoCash</a> on <a href="https://twitter.com/hashtag/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Ethereum</a>, with funds later bridged to <a href="https://twitter.com/hashtag/Fantom?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Fantom</a>.<br>The team has taken… <a href="https://t.co/dYgVzDdsoh" rel="noopener noreferrer nofollow">https://t.co/dYgVzDdsoh</a> <a href="https://t.co/N1u5sh7BPf" rel="noopener noreferrer nofollow">pic.twitter.com/N1u5sh7BPf</a></p>— <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"> Cyvers Alerts <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"> (@CyversAlerts) <a href="https://twitter.com/CyversAlerts/status/1858388202102685892?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">November 18, 2024</a>
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<p>The team is now working with authorities to figure out exactly how the hack happened and try to recover the stolen funds.</p>
<p>Experts believe the attack could have happened because of an “<em>empty market</em>” problem. It happens when a market has very few buyers or sellers. By making it easier for hackers to manipulate the system. Others think the problem might have been caused by incorrect price data used by the platform.</p>
<p>This hack shows the risks of using platforms that allow cryptocurrency to be moved between blockchains. Especially when privacy tools like TornadoCash are involved. These tools let hackers hide their identities, making it harder for platforms to track stolen funds. The DeFi industry must improve security to protect against future attacks like this.</p>
<h3 class="wp-block-heading" id="h-what-s-next-for-polter-finance">What’s Next for Polter Finance?</h3>
<p>Polter Finance is still investigating the hack. They have even contacted the hacker, offering to drop legal action if the stolen money is returned. The platform is currently paused while they work to fix the problem.</p>
<p>This incident reminds us that while DeFi offers many opportunities, it also comes with risks. The Polter Finance team is working hard to solve this issue, but better security is needed across the industry to keep users safe.</p>
<h3 class="wp-block-heading" id="h-highlighted-crypto-news-today">Highlighted Crypto News Today</h3>
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Polter Finance Loses Over $7 Million in Crypto Hack on Fantom Blockchain

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