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    Recent cyber breaches: Polter Finance suffers $12 million loss, CoinPoker hacked, and ex-bank CEO jailed in crypto scam

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    30s Summary

    DeFi project Polter Finance lost around $12 million to a hacker who manipulated the price of the project’s BOO token. Elsewhere, the online poker site CoinPoker had its private key hacked and its funds redistributed across various crypto networks. Finally, the former CEO of Heartland Tri-State Bank was sentenced to 24 years in jail after investing over $47 million, including funds from a church and a local investment group, into a fake cryptocurrency scheme he encountered on WhatsApp.

    Full Article

    Here’s the lowdown on some recent cyber attacks and scams that happened in the world of crypto.

    First off, a Decentralized Finance (DeFi) setup called Polter Finance got slammed hard. An attacker bumped up the price of a token called BOO by borrowing practically all of them from the cash pool. Then, when the price was sky high, the hacker dropped in a single BOO and withdrew all the cash. Slick move, right?

    Analytics showed there were only 269,042 of these BOO tokens in the pool before the attack. The thief borrowed all but 0.000000000001 of them, worth around $1.3 million then. By the time they were done, they’d borrowed and profited about $7.8 million. They repeated the attack several times and ultimately swiped a total of around $12 million. Polter Finance is currently trying to negotiate with the attacker and has also reported the incident to the police.

    On to story number two: CoinPoker. This platform lets you play poker with crypto. Sadly, they were also a target of a crypto hack. The hackers cracked the private key of CoinPoker and shuffled funds across several crypto networks. When CoinPoker found out, they tried to open dialogues with the attacker to figure out how to get the stolen funds back, but the rogue had already put most of it into a privacy mixer making it nearly impossible to trace.

    And finally, we have the story of a man from Elkhart, Kansas who got slapped with 24 years in jail. He was the CEO of Heartland Tri-State Bank where he met a crypto scammer via WhatsApp. The scam persuaded him and he started investing in it, even using other people’s money, siphoning big bucks from the bank he worked at, a church, and a local investment group. He poured over $47 million into this ‘fake’ crypto investment. When the smoke cleared and the authorities intervened, the bank was bankrupt and the man was headed for prison.

    So, folks, the moral of the story is: Always be on your toes. Do your research and think twice before investing your hard-earned cash in crypto, especially those that can’t be easily tracked.

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