PoolzFinance Rolls Out New POOLX Token Contract Post-Hack

03/17/2023 01:43 • Digital Disruptors • 124 views

According to reports, the official blog of PoolzFinance stated that a new POOLX token contract would be deployed and airdropped to all addresses (calculated before the hacker attack), and the old POOLZ token contract would be removed and destroyed.

PoolzFinance: A new token contract will be deployed soon and will be airdropped to the user’s address 1:1 before the attack

Analysis based on this information:

PoolzFinance, a decentralized finance (DeFi) platform, has reportedly announced a new contract for POOLX tokens. According to the official blog of PoolzFinance, this new contract will be deployed to all addresses that existed on the platform before the recent hack. Additionally, the old POOLZ token contract will be removed and destroyed.

The platform suffered a major hack in May 2021, losing roughly $20 million in cryptocurrencies. The hackers exploited a vulnerability in the platform’s smart contracts and used a flash loan to drain funds. In response, the company paused all contract functions and launched an emergency plan to recover lost funds.

The team at PoolzFinance deployed a new contract for the POOLZ token, which was quickly adopted by the community. They also implemented a distribution plan for affected users, which involved exchanging their old POOLZ tokens for new ones. However, it seems that the company has decided to go a step further by introducing a new token altogether.

The new POOLX token will replace the old POOLZ token and carry on the platform’s original vision. According to PoolzFinance, the new token’s core contract has been audited by Certik, a leading smart contract auditor. This indicates a stronger emphasis on security in the new contract.

The team at PoolzFinance has promised to airdrop the new POOLX tokens to all addresses that existed on the platform before the hack. This means that even users who lost funds in the attack will receive new tokens. The platform has not disclosed the exact amount of tokens that will be distributed in the airdrop. However, it is a positive step for the affected community, who were understandably shaken by the hack.

In summary, PoolzFinance’s introduction of a new POOLX token contract is a significant move following the recent hack. By deploying a new and secure smart contract, the company shows its commitment to improving its security and protecting its users. The airdrop of new tokens will also go a long way in reassuring the affected community.

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