On March 15, a hacker successfully exploited the token contract for the POOLZ vesting system. Some of the tokens issued to public buyers were obtained and sold illegally. The Poolz team acted immediately, and the token was no longer available for trade within two hours. A fast reaction group was put together to avoid more damage and guarantee that a similar disaster would not occur again.
Poolz is a decentralized cross-chain IDO platform built on top of Web 3.0 infrastructure to enable crypto projects to raise funds before listing. It also allows a swapping protocol that enables startups and project owners to auction their tokens for bootstrapping liquidity. To date, Poolz has raised $2M, led by top-tier VCs such as Genesis Block, SevenX Ventures, Alphabit, GBV Capital, Phoenix Capital, DuckDAO, and Aggressor Ventures among many more.
Poolz began work on a new platform token, POOLX, on the same day as the attack. Certik, ArcadiaGroup, and ChainPort are now auditing the token. To guarantee that POOLZ holders are reimbursed on a 1:1 ratio, the development team will develop an alternate agreement for a new POOLX token and airdrop it to all addresses on the blockchain a block before the hack happened.
On March 15, a hacker successfully exploited the token contract for the POOLZ vesting system. Some of the tokens issued to public buyers were obtained and sold illegally. The Poolz team acted immediately, and the token was no longer available for trade within two hours. A fast reaction group was put together to avoid more damage and guarantee that a similar disaster would not occur again.
Poolz is a decentralized cross-chain IDO platform built on top of Web 3.0 infrastructure to enable crypto projects to raise funds before listing. It also allows a swapping protocol that enables startups and project owners to auction their tokens for bootstrapping liquidity. To date, Poolz has raised $2M, led by top-tier VCs such as Genesis Block, SevenX Ventures, Alphabit, GBV Capital, Phoenix Capital, DuckDAO, and Aggressor Ventures among many more.
Poolz began work on a new platform token, POOLX, on the same day as the attack. Certik, ArcadiaGroup, and ChainPort are now auditing the token. To guarantee that POOLZ holders are reimbursed on a 1:1 ratio, the development team will develop an alternate agreement for a new POOLX token and airdrop it to all addresses on the blockchain a block before the hack happened.
The hacker’s address was flagged on major blockchain explorers within the first eight hours of the attack. To discourage arbitrage efforts, the team also withdrew the remaining liquidity from the Uniswap and Pancakeswap decentralised exchanges. Any POOLZ porting on the ChainPort.io bridge has been put on hold.
In the aftermath of the tragedy, a crowdfunding drive was launched to help Poolz’s efforts. Within 12 hours, $600,000 was raised to build new and stronger foundations. This will improve security and result in a more secure platform for all users. Poolz Founder Liam Cohen said: “We’re proud of our team’s swift and effective response to the cyber attack on our platform. Our top priority is our community, and we’re committed to providing them with a secure and reliable platform for decentralized finance.”
Poolz also offers extensive flexibility in fundraising campaigns. Owners of projects can define their own fundraising guidelines, such as establishing minimum and maximum contribution levels or providing incentives to early investors. Poolz’s reaction demonstrates its dedication to its users and to create a secure and dependable platform for decentralised financing. The platform’s goal is to make the process of starting and investing in new businesses easier by removing many of the technological and governmental hurdles that often make fundraising and investment difficult.
k. To discourage arbitrage efforts, the team also withdrew the remaining liquidity from the Uniswap and Pancakeswap decentralised exchanges. Any POOLZ porting on the ChainPort.io bridge has been put on hold.
In the aftermath of the tragedy, a crowdfunding drive was launched to help Poolz’s efforts. Within 12 hours, $600,000 was raised to build new and stronger foundations. This will improve security and result in a more secure platform for all users. Poolz Founder Liam Cohen said: “We’re proud of our team’s swift and effective response to the cyber attack on our platform. Our top priority is our community, and we’re committed to providing them with a secure and reliable platform for decentralized finance.”
Poolz also offers extensive flexibility in fundraising campaigns. Owners of projects can define their own fundraising guidelines, such as establishing minimum and maximum contribution levels or providing incentives to early investors. Poolz’s reaction demonstrates its dedication to its users and to create a secure and dependable platform for decentralised financing. The platform’s goal is to make the process of starting and investing in new businesses easier by removing many of the technological and governmental hurdles that often make fundraising and investment difficult.
