Web3 crowdfunding launchpad Poolz Finance hacked for US$390,000 on BSC, Polygon
Poolz Finance, a cross-chain crowdfunding launchpad for Web3 projects, has been exploited for US$390,000 worth of digital assets on the Binance Smart Chain and Polygon blockchains, according to an alert by blockchain security firm PeckShield on Wednesday.
See related article: Bitcoin breaks US$26,000 as inflation cools in February
Fast facts
- The exploit occurred due to a “classic arithmetic overflow issue, which is exploited to drain funds from the contract,” according to PeckShield’s Twitter post.
- PeckShield first spotted the exploit by observing a repetitive transaction pattern by the same sender in the token vesting smart contract.
- Poolz Finance is a decentralized crowdfunding platform, which allows Web3 projects to raise funding via initial dex offerings. To date, 96 projects have secured funding via Poolz.
- Poolz Finance said they will create a new smart contract, restore the US$200,000 worth of liquidity on PancakeSwap from the company treasury and has warned users not to trade the Poolz token.
- Following the exploit, Poolz’s governance token (POOLZ) fell 96% to US$0.15, in the 24 hours to 7:00 p.m. in Hong Kong, according to CoinMarketCap.
See related article: Banks are bringing systemic risks to crypto, says Circle’s Disparte
Web3 crowdfunding launchpad Poolz Finance hacked for US$390,000 on BSC, Polygon
Poolz Finance, a cross-chain crowdfunding launchpad for Web3 projects, has been exploited for US$390,000 worth of digital assets on the Binance Smart Chain and Polygon blockchains, according to an alert by blockchain security firm PeckShield on Wednesday.
See related article: Bitcoin breaks US$26,000 as inflation cools in February
Fast facts
- The exploit occurred due to a “classic arithmetic overflow issue, which is exploited to drain funds from the contract,” according to PeckShield’s Twitter post.
- PeckShield first spotted the exploit by observing a repetitive transaction pattern by the same sender in the token vesting smart contract.
- Poolz Finance is a decentralized crowdfunding platform, which allows Web3 projects to raise funding via initial dex offerings. To date, 96 projects have secured funding via Poolz.
- Poolz Finance said they will create a new smart contract, restore the US$200,000 worth of liquidity on PancakeSwap from the company treasury and has warned users not to trade the Poolz token.
- Following the exploit, Poolz’s governance token (POOLZ) fell 96% to US$0.15, in the 24 hours to 7:00 p.m. in Hong Kong, according to CoinMarketCap.
See related article: Banks are bringing systemic risks to crypto, says Circle’s Disparte