Polter Finance has joined forces with FailSafe, a leading blockchain security provider, to bolster its security measures and avert future exploits.
In an official announcement from ECNETNews, the partnership aims to implement real-time threat detection and enhanced runtime security, augmenting the platform’s current security framework.
FailSafe’s security solution is crafted to identify and neutralize threats proactively, addressing prevalent attack vectors within decentralized finance (DeFi) ecosystems.
As part of this partnership, Polter Finance plans to re-launch on Sonic and Base (BASE) blockchains, marking a significant step in its strategic recovery.
In November 2024, Polter Finance suffered a severe setback, losing approximately $8.7 million due to a price oracle manipulation attack, where an exploiter utilized flash loans to artificially inflate token prices, resulting in significant unauthorized withdrawals.
To combat such vulnerabilities in the future, the Singapore-based lending protocol will deploy FailSafe’s solutions capable of identifying and mitigating price manipulations and liquidity issues.
Additionally, FailSafe can detect malicious contract calls and suspicious wallet activities, providing automatic threat responses that can halt smart contracts and freeze questionable transactions.
Polter Finance’s leadership expressed that the November 2024 incident served as a critical “wake-up call,” highlighting the need for advanced protective measures beyond conventional audits.
“With FailSafe’s platform, we can instantly detect, prevent, and respond to threats, ensuring the protection of our users and strengthening our protocol’s resilience,” a spokesperson stated.
In response, FailSafe’s CEO emphasized the pressing need for evolving DeFi security, noting that cybercriminals are always advancing: “DeFi security must evolve. Hackers don’t wait—why should security?”
Following the exploit, Polter Finance announced its collaboration with a whitehat hacker group aimed at enhancing cybersecurity measures and is actively working on recovering the $12 million lost in the flash loan attack.
