Polter Finance Partners with FailSafe to Enhance Security Post-$8.7M Hack

Polter Finance, a Singapore-based lending protocol, has partnered with blockchain security provider FailSafe following a $8.7 million hack in November 2024. The collaboration aims to enhance Polter Finance's security system and prevent future exploits.

The partnership will see FailSafe implement real-time threat detection and runtime security on top of Polter Finance's existing security measures. FailSafe's runtime security solution is designed to detect and neutralize threats before they escalate, addressing common attack vectors in the DeFi ecosystem.

Following the partnership, Polter Finance plans to re-launch itself on Sonic and Base (BASE) blockchains. The November 2024 attack involved an exploiter using flash loans to artificially inflate token prices, allowing them to drain millions in unauthorized loans.

To prevent such an attack from occurring again, Polter Finance will employ FailSafe's security solution, which is equipped to identify and mitigate price distortions and liquidity manipulations. Additionally, FailSafe can detect malicious contract calls and suspicious wallet activity, as well as activate an automatic threat response that pauses smart contracts and freezes suspicious transactions.

Polter Finance's founder, WhichGhost, views the November 2024 attack as a wake-up call that made the firm realize they had to take more advanced measures beyond traditional audits. "FailSafe's platform gives us the tools to detect, prevent, and respond to threats instantly—protecting our users and reinforcing our protocol's resilience," said WhichGhost in a statement.

CEO of FailSafe, Aneirin Flynn, said the attack on Polter was just one of the most recent examples that shows just how important runtime security is. "DeFi security must evolve. Hackers don’t wait—why should security?" said Flynn.

In November 2024, shortly after the exploit, Polter Finance announced that it was collaborating with whitehat hacker group the, to combat cybersecurity threats. The previous update also said the platform was committed to recovering the $12 million lost in the flash loan attack.