DeFi app Polter became the victim of a “classic” flash loan exploit, and a man was sentenced to 24 years for crashing a bank with a crypto scam.
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Fantom-based decentralized finance (DeFi) protocol Polter Finance was drained of over $7 million through a “classic” flash loan attack on Nov. 18, according to blockchain analyst Nick Franklin.
The attacker artificially increased the price of the SpookySwap governance token, BOO, by borrowing “almost all BOO tokens from LP [the liquidity pool].” Once the price was sufficiently high, the attacker “was able to deposit 1 BOO and drain all pools.”
