Poolz, a popular decentralized cross-chain IDO platform, has recently faced a security breach that affected some of its users. In response to the incident, Poolz has taken swift action to address the issue and reassure its users of its commitment to improved trust and security. The platform has shared a roadmap outlining its plans to enhance its security measures.
This includes the implementation of new features and the use of advanced technologies to prevent future security incidents. With this proactive approach to security, Poolz is demonstrating its dedication to providing a secure and reliable platform for users to participate in decentralized fundraising.
Hacker’s Exploit on Poolz’s Vesting System
On 15 March, a hacker succeeded in exploiting the token contract for the POOLZ vesting system. The hacker was able to illicitly obtain and sell some of the tokens that were allocated to public buyers. The Poolz team responded quickly, and within two hours, the token was no longer available for trading. A rapid response team was assembled to prevent further damage and ensure that a similar incident could not recur.
The Poolz team quickly took various measures to contain the damage and secure users’ assets. Within hours of the attack, Poolz succeeded in having the hacker’s address flagged by leading blockchain explorers. The team also removed the remaining liquidity from Uniswap and Pancakeswap to protect users.
Development of New Token POOLX
To support Poolz’s efforts, a fundraiser campaign was initiated in the aftermath of the incident. Within 12 hours, $600K was raised in order to implement new and strengthened foundations. This will bolster security and result in a more robust platform for the benefit of all users. Poolz also commenced work on designing a new platform token, POOLX, on the same day of the attack.
The token is currently being audited by Certik, ArcadiaGroup, and ChainPort. The new token will be deployed once the new contract for POOLX has been released, and Poolz holders will be compensated 1:1 with the new POOLX token. New liquidity pools will be established based on the token exchange rate before the hack. In addition, Poolz is developing a compensation model for its community as part of the distribution of POOLX.
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. Despite this setback, we’ll come out stronger with our new token, POOLX, which is currently undergoing an audit. Our treasury is unaffected, and we remain financially stable. We’re dedicated to our community and DeFi and we thank you for your support.”
Poolz Plans for the Future
The recent security incident has prompted Poolz to implement new measures to improve security and strengthen trust in the platform. The Poolz team will continue to work tirelessly to ensure that its users’ assets are secure and that the platform remains trustworthy.
Poolz is currently a multi-chain platform, allowing its users to participate in IDOs and NFT sales on Ethereum, BNB Chain, Polygon, Celo, and Avalanche, with many more to come. With the introduction of POOLX, Poolz will have a new and improved token with more features and benefits for its users. The recent security incident on Poolz has shown the importance of proactive measures to prevent such attacks and quick responses to mitigate their effects.
Poolz’s response has demonstrated its commitment to its users and its dedication to providing a secure and reliable platform for decentralized finance. With the introduction of POOLX, Poolz will be able to offer its users a more robust platform with enhanced features and benefits. The future looks bright for Poolz, and its users can be assured that their assets are secure on the platform.
A User-Friendly Platform
Poolz is designed to be a user-friendly platform for both investors and project owners. The platform aims to simplify the process of launching and investing in new projects, eliminating many of the technical and bureaucratic barriers that can make fundraising and investing difficult.
Poolz also allows for a high degree of customization in fundraising campaigns. Project owners can create their own fundraising rules, such as setting minimum and maximum investment amounts, or offering bonuses for early investors. Investors, in turn, can select from a variety of investment options and participate in projects that align with their interests and risk tolerance.
Another notable feature of Poolz is its focus on community building. The platform aims to foster a sense of collaboration and shared purpose among its users, with features like community-driven due diligence and feedback mechanisms. This approach not only helps to ensure that projects listed on the platform are of high quality but also creates a supportive environment for both investors and project owners.
Overall, Poolz represents an innovative and forward-thinking approach to fundraising and investing. By leveraging the power of blockchain technology and community-driven decision-making, the platform has the potential to transform the way that new projects are funded and developed in the years to come.