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Tuesday, November 19, 2024
When will they learn that "fork and pray" isn't a security strategy?
Polter Finance, the latest victim in DeFi's parade of recklessness, lost roughly $8.7 million when their unaudited protocol met a classic price manipulation attack.
Their newly launched BOO market proved to be more trick than treat, as an attacker turned spot price dependencies into their personal ATM.
The team's response was a masterclass in damage control theater - filing a possibly inflated $12 million police report while their TVL bled out through a painfully predictable oracle exploit.
Like a crypto soap opera, we watched the familiar scenes unfold: platform pause, bridge notifications, Binance wallet traces, and the obligatory "dear ser hacker" negotiation attempts.
Another day, another protocol learning that copying code doesn't copy security.
But who needs audits when you have optimism?
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We are all rekt.