Poolz Finance Lost IDR 5.9 Billion After Hacker Hacked

Hacker hacked the crypto platform Poolz Finance. (Photo; Doc. News BTC)

JAKARTA - The Poolz Finance (POOLZ) network Web3 platform suffered a loss of US$390,000 (Rp5.9 billion) due to a hacking incident on March 16 reported by Forkast News. The hack was carried out on the protocol for handing over the Poolz Finance tokens to the Binance Smart Chain (BNB) and Polygon (MATIC) networks, the Forkast News said.

Initially, this incident was first discovered by PeckShild, a crypto expert, who then gave a warning to Poolz Finance via a tweet. According to PeckShild, the initial analysis showed that the hack on Poolz Finance was caused by a classic arithmetic overflow problem, which was exploited to drain funds from the contract. PeckShild also tagged a bscscan link showing a repeative code of the attack.

Poolz Finance acts as a decentralized joint funding platform, which has helped 96 projects to make initial exchange offers since its launch. In response to the incident, Poolz Finance tweeted that it had marked the hacker's address and frozen all POOLZ token transfers on ChainPort bridge.

Poolz Finance also added that they would create a new smart contract for POOLZ tokens and would issue the token to all addresses registered in the last block before the hacking incident occurred.

However, according to CryptoSlate data, POOLZ tokens have decreased by 97.25 percent in the last 24 hours. Prior to the hacking incident, POOLZ tokens were trading for slightly more than $4 (Rp61,500), but at the moment these tokens were only trading for $2.7 (Rp40 thousand). CryptoSlate metrics also show that POOLZ tokens have decreased by -10.19 percent and -96.96 percent in the past hour and the last seven days, respectively.

Hacking cases at Poolz Finance show that security in the crypto world is very important. Because transactions on the crypto world are carried out online, the security system must be really strong to prevent hacking.

As a consequence, crypto companies should always update their security systems and ensure security and reliability in their systems, so as to reduce the risk of hacking. To the public, it is important to always be vigilant and choose a trusted crypto platform to minimize the risk of loss.