Polter Finance on FTM Hacked for $12 Million: Security Audit Concerns Raised by SlowMist Founder

On November 17th, COINOTAG News reported a significant breach in the decentralized finance space, where the lending platform Polter Finance on the Fantom (FTM) blockchain fell victim to a hack resulting in the loss of $12 million. Cai Yunge, founder of SlowMist, took to X to express his dismay, highlighting that the underlying cause was a “rugged market” scenario. He pointed out glaring flaws in the project’s security protocols, particularly concerning the audit process. The audit revealed that the smart contract deployed was nearly identical to that of Geist, with the only alteration being the removal of the flash-loan feature from the Lending Pool. Yunge criticized the lackluster security assessment, questioning how a project with such inadequate scrutiny could maintain a robust security framework. The incident underscores the ongoing vulnerabilities in the DeFi sector, raising urgent questions about security diligence among lending protocols.