• Poolz Finance was hacked on March 15, resulting in the theft of hundreds of thousands of dollars in crypto and a 93% drop in the price of its native POOLZ token.
• The hacker exploited an arithmetic overflow issue on Poolz Finance.
• Poolz Finance has promised to reimburse stolen funds with reserves from its treasury, roll out a new contract for new POOLZ tokens, and freeze all POOLZ tokens being ported on the ChainPort crypto bridge.
Poolz Finance Hacked
On March 15, hackers exploited an arithmetic overflow issue on Poolz Finance and made off with hundreds of thousands of dollars in crypto, resulting in a 93% drop in the price of its native POOLZ token.
Hacker’s Takeaway
According to blockchain security platform AegisWeb3 and PeckShield Inc., the hacker took various tokens including POOLZ, Ecio (ECIO), Adaswap (ASW), and World of Defish (WOD), converting part into Binance Coin (BNB) but not yet transferring it out.
Poolz Finance Reimbursement Plan
Poolz Finance has placed the loss at around $200,000 and promised to reimburse stolen funds with reserves from its treasury. They will also roll out a new contract for new POOLZ tokens which will be airdropped to all affected addresses a block before the hack occurred.
Freezing Tokens
The swapping protocol has frozen all POOLZ tokens being ported on the ChainPort crypto bridge to ensure that stolen funds are not moved out. Furthermore, they have identified and flagged the hacker’s address.
Conclusion
Poolz Finance is taking steps to ensure that users‘ assets remain safe following this attack by reimbursing stolen funds and freezing relevant tokens.