Polter Finance partners with FailSafe after $8.7m hack

Polter Finance has established a partnership with the blockchain security supplier to improve its security system to prevent future exploits.

According to a press release sent to Crypto.News, the collaboration of Polter Finance with Faillsfe will ensure the implementation of the detection and execution of threats in real time security In addition to the existing security measures of the platform.

The Faillsafe’s safety safety solution is designed to detect and neutralize threats before having the possibility of degenerating even more, approaching common attack vectors in the Challenge ecosystems.

Following the partnership, Polter also plans to revive on Sonic and Base (BASE) Blockchains.

In November 2024, Polter Finance lost At least $ 8.7 million in an Oracle Price manipulation attack, where an exploiter used flash loans to artificially inflate chip prices, allowing them to drain millions of unauthorized loans.

To prevent such an attack from reproducing, the Singapore-The loan protocols based on the Faillsfe safety solution which are equipped to identify and mitigate prices distortions and liquidity manipulations.

In addition, Faillsfe is able to detect malicious contractual calls and suspicious wallet activity as well as activating an automatic response to the threat that stops smart contracts And freezes suspicious transactions.

The founder of Polter Finance, who considered the attack of November 2024 as an “alarm clock” which had the company carried out that they had to take more advanced measures which exceeded traditional audits.

“The Faillsfe platform gives us the tools to detect, prevent and instantly respond to threats: protect our users and strengthen the resilience of our protocol,” said who was in a statement.

On the other hand, the CEO of Faillsfe, Aneirin Flynn, said that the attack on Polter was only one of the most recent examples that show how important the security of execution is.

“DEFI security must evolve. Should not wait – why should security? said Flynn.

In Novermber 2024, shortly after the feat, Polter announcement that he collaborated with Whitehat Hacker Group Security allianceTo combat threats of cybersecurity. The previous update also indicated that the platform was determined to recover the $ 12 million lost in the Flash loan attack.