Polter Finance, a decentralized lending and borrowing platform, has suspended its operations following a $12 million flash loan hack. The platform detected the exploit on November 17 and traced the stolen funds to Binance wallets. According to security firm TenArmor, the loss was attributed to faulty oracle price mechanisms on its newly launched SpookySwap market. The pseudonymous founder, Whichghost, reported the incident to authorities in Singapore and disclosed personal losses of approximately $223,219. While the company reached out to the hacker offering negotiation terms, there was no response. Skepticism arose within the community, hinting at possible insider involvement. In response, Polter Finance partnered with the Security Alliance Information Sharing and Analysis Center to aid in locating the attacker. At the time of the incident, Polter Finance managed a total market size of $12 million, including various cryptocurrencies.

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