Polter Finance Enhances Security Measures with FailSafe Partnership
Polter Finance has teamed up with FailSafe, a leading blockchain security provider, to bolster its security infrastructure and prevent future exploits.
As per a recent press release shared with crypto.news, the collaboration between Polter Finance and FailSafe aims to introduce real-time threat detection and runtime security to fortify the platform’s existing security protocols.
FailSafe’s cutting-edge runtime security solution is specifically designed to identify and neutralize threats before they can escalate, effectively tackling common attack vectors prevalent in the DeFi landscape.
Following this strategic partnership, Polter Finance is gearing up for a relaunch on both Sonic and Base (BASE) blockchains to enhance its operational capabilities.
In a significant setback in November 2024, Polter Finance suffered a substantial loss of at least $8.7 million due to a price oracle manipulation attack. The exploit involved an attacker leveraging flash loans to artificially inflate token prices, leading to unauthorized fund withdrawals worth millions.
To avert future vulnerabilities of this nature, the Singapore-based lending protocol is integrating FailSafe’s security solution, which can effectively identify and mitigate price distortions, liquidity manipulations, malicious contract calls, and suspicious wallet activities. Moreover, FailSafe’s system enables automatic threat response mechanisms like pausing smart contracts and freezing suspicious transactions.
Reflecting on the November 2024 incident, Polter Finance’s founder, WhichGhost, emphasized the importance of adopting advanced security measures beyond conventional audits in safeguarding users and fortifying the protocol’s resilience.
WhichGhost stated, “FailSafe’s platform equips us with the tools to promptly detect, prevent, and respond to threats, thereby ensuring the protection of our users and enhancing our protocol’s security posture.”
Meanwhile, FailSafe’s CEO, Aneirin Flynn, underscored the critical role of runtime security in light of recent attacks on DeFi platforms, emphasizing the need for continuous evolution in DeFi security measures to stay ahead of malicious actors.
Following the exploit in November 2024, Polter Finance had also announced a partnership with the Security Alliance, a whitehat hacker group, to bolster its cybersecurity defenses and recover the $12 million lost in the flash loan attack.