An attack targeting Poolz Finance on BNB Chain and Polygon resulted in a loss of $390,000 in the form of various coins. The attack was first reported by on-chain security firm PeckShield. After investigating, PeckShield said the hack was due to a classic arithmetic overflow issue, which is exploited to drain funds from the contract. The hacker found the vulnerability and stole funds by using a repetitive function.
Poolz Finance, after discovering the problem, said that they flagged the hacker address and completely froze all POOLZ token porting on the ChainPort bridge. Their team is also creating a new smart contract, in which the liquidity will be kept as it was before the hack. Users will get airdrops according to the amount they are holding.
In response to this bad news, POOLZ dropped strongly from $4.1 USD to $0.13, equivalent to more than 96%.
