PulseChain DeFi Hack Drains $5M from Better Bank
Better Bank, a DeFi platform on PulseChain, suffered a major exploit that drained approximately $5 million in assets. Security auditor CertiK confirmed the attacker exploited a smart contract vulnerability and promptly swapped the stolen funds into 215 ETH (about $980,000) to obscure the trail. This incident highlights persistent security risks in PulseChain-based protocols and the broader DeFi ecosystem. Traders should note the increased market caution around PulseChain projects and consider risk mitigation strategies. Key takeaways include the need for robust audits, real-time monitoring, and diversified portfolios to protect against similar smart contract exploits.
Bearish
The $5 million hack on Better Bank undermines confidence in PulseChain and the broader DeFi market. Historically, large-scale exploits trigger short-term sell-offs, as traders unwind positions to avoid further losses. This breach may exert downward pressure on PLS token prices and slow new project launches on PulseChain. In the long term, heightened security measures and audits could restore trust, but immediate market sentiment is likely to remain cautious. Similar incidents, such as the Poly Network hack, led to a temporary dip in token values and increased due diligence across protocols.