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PoolzFinance to Redeem POOLZ Tokens in response to its Hacker Attack

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PoolzFinance to Redeem POOLZ Tokens in response to its Hacker Attack

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 popular decentralized finance (DeFi) platform, suffered a devastating hacking attack on May 12th, 2021. Hackers made away with over $10 million in crypto assets, including Ethereum, Binance Coin, and PoolzFinance’s native token, POOLZ. Following the attack, PoolzFinance assured its users and investors that it was working on a solution to compensate those who suffered losses.

According to recent reports, PoolzFinance has announced a new POOLX token contract that would replace the old POOLZ contract. All users who held POOLZ tokens before the hack would receive an airdrop of the new POOLX token. The POOLZ tokens would then be removed and destroyed, rendering them useless.

Based on reports, PoolzFinance developed the POOLX token in response to the hacker attack, a move aimed at rendering the stolen POOLZ tokens useless. The decision to deploy the new token contract and airdropping it to all affected addresses would also ensure that unaffected addresses would not benefit from the recovery plan.

The move by PoolzFinance to redeem POOLZ tokens is in line with the industry’s stance on making hacking unprofitable. Cryptocurrency hacks are on the rise, and unsurprisingly, they target DeFi protocols that hold millions of users’ funds. However, when token issuers redeem stolen tokens, they render them useless, thereby making hacking less profitable.

Additionally, PoolzFinance’s redemption plan could restore investor confidence in the project. Despite the hacker attack, the platform has shown its willingness to make its users whole. Redeeming the POOLZ tokens would also help prevent the affected users from suffering further losses in the future.

In conclusion, PoolzFinance’s decision to redeem POOLZ tokens and replace them with POOLX tokens is a commendable move that shows the platform’s commitment to its users’ safety and well-being. It serves as a reminder to other DeFi protocols to take a proactive approach to provide safety measures against attacks. By making it unprofitable to hack cryptocurrency, DeFi protocols could win the long-term battle against hackers and ultimately increase adoption of DeFi platforms.

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