Poolz Finance, a cross-chain crowdfunding startup for Web3 projects, has leveraged $390,000 worth of digital assets on the Binance Smart Chain and Polygon blockchains, according to an alert from blockchain security firm PeckShield on Wednesday.
See related article. Bitcoin Breaks $26,000 as Inflation Cools in February
- According to PeckShield’s Twitter account, the exploit occurred due to a “classic arithmetic overflow issue used to withdraw funds from a contract.” note:.
- PeckShield first spotted exploitation by looking at the pattern of repeated transactions by the same sender in the token allocation smart contract.
- Poolz Finance is a decentralized crowdfunding platform that allows Web3 projects to raise funding through initial dex offerings. To date, 96 projects have secured funding through Poolz.
- Poolz Finance: said they will create a new smart contract, restore $200,000 worth of liquidity to PancakeSwap from the company’s coffers, and warned users not to trade the Poolz token.
- Following the launch, the Poolz control token (POOLZ) plunged 96% in 24 hours to $0.15 in Hong Kong by 7:00 p.m., according to CoinMarketCap.
See related article. Circle’s Disparte Says Banks Bring Systemic Risks to Crypto