Polter Finance is partnering with blockchain security provider FailSafe to strengthen its security systems to prevent future exploits.
According to a press release sent to Crypto.News, collaboration between Polter Finance and FailSafe ensures real-time threat detection and runtime security implementation, in addition to the platform’s existing security measures.
FailSafe’s runtime security solution is designed to detect and neutralize threats before they have the opportunity to further escalate them, addressing the common attack vectors of Defi Ecosystems.
Following the partnership, Polter will be rebooting to the Sonic and Base (Base) blockchain.
In November 2024, Porter Finance lost at least $8.7 million in the price of an Oracle-manipulated attack. Exploit used flash loans to artificially inflate token prices, allowing millions of emissions with fraudulent loans.
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To prevent such attacks from occurring again, the Singapore-based lending protocol employs FailSafe’s security solutions equipped to identify and mitigate price distortions and liquidity operations.
Additionally, FailSafe can detect malicious contract calls and suspicious wallet activity, and activate automatic threat responses that suspend smart contracts and freeze suspicious transactions.
The founders of Polter Finance saw the November 2024 attack as a “wake-up call,” making them realize that more sophisticated measures must be taken beyond traditional audits.
“FailSafe’s platform provides tools to instantly detect, prevent and respond to threats that protect users and enhance the resilience of the protocol,” the statement said.
Meanwhile, FailSafe CEO Aneirin Flynn said the attack on Polter is just one of the latest examples of how important runtime security is.
“Defi security needs to evolve. Hackers aren’t waiting – why do we need security?” Flynn said.
At Novermber 2024, shortly after the exploit, Polter announced that it was working with the white hat hacker group The Security Alliance to combat cybersecurity threats. In a previous update, the platform said it is working to recover $12 million in loss in a flash loan attack.
read more: Polter Finance launches recovery efforts following $12 million flash loan attack
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