Polter Finance has fallen victim to a flash attack resulting in the theft of $12 million. The company is working with the Security Alliance group to recover the funds.
Incident and Recovery Efforts
Polter Finance suffered a flash attack linked to a vulnerable oracle on the SpookySwap market. The project is collaborating with Security Alliance to identify the attacker and recover the stolen funds. The company's representative Whichghost filed a report with the Singapore police.
Details of the Attack
Reportedly, attackers used a flash loan to manipulate the BOO token on SpookySwap and took a loan exceeding the asset's actual value. The funds were traced to wallets on the Binance crypto exchange.
Consequences and Other Cyberattacks
The price of the POLTER token dropped by more than 85%. November has seen numerous attacks on DeFi platforms, including incidents with Thala Protocol and DeltaPrime, which also fell prey to cyberattacks.
The Polter Finance incident highlights the need for enhanced security in the DeFi sector. The company continues its efforts to recover funds and improve system security.
