Polter Finance works together with Blockchain Security Provider Failsafe to improve its security system to prevent future exploits.
According to a press release that has been sent to Crypto.news, the cooperation of Polter Finance with FailSafe will ensure the implementation of real-time threat detection and runtime security on top of the existing security measures of the platform.
The Runtime security solution from FailSafe is designed to detect and neutralize threats before they have the opportunity to escalate even further, whereby common attack vectors in the Defiecosystems are tackled.
After the partnership, Polter is also planning to launch again on Sonic and Base (base) block chains.
In November 2024, Polter Finance lost At least $ 8.7 million in a price of the Oracle manipulation raid, where an exploitation used flash loans to artificially blow up token prices, allowing them to tap millions on unauthorized loans.
To resign such an attack, the Singapore -based loan protocol will use the security solution of FailSafe that is equipped to identify and reduce price disturbances and liquidity manipulations.
In addition, Failsafe can detect malignant contract calls and suspicious wallet activities and activate an automatic threat reaction that pauses smart contracts and freezing suspicious transactions.
The founder of Polter Finance, who regards the November 2024 attack in November 2024 as a ‘wake-up call’, so that the company realized that they had to take more advanced measures that went beyond traditional audits.
“The Failsafe platform gives us the tools to immediately detect, prevent and respond to threats – to promote our users and to strengthen the resilience of our protocol,” said which Ghost said in a statement.
On the other hand, CEO of Failsafe, Aneirin Flynn, said that the attack on Polter was only one of the most recent examples that shows how important runtime security is.
“Defi security must evolve. Hackers are not waiting – why does security have to be? “said Flynn.
In Novermber 2024, shortly after the exploit, Polter announced that it collaborated with Whitehat Hacker Group The Security Alliance, to combat cyber security threats. The previous update also said that the platform was dedicated to recovering the $ 12 million lost at the Flash Loan attack.
