BetterBank Contract on Pulse Chain Stolen, Total Losses of 215 ETH

Recently, a major incident took place on Pulse Chain, a new blockchain platform. A project called BetterBank suffered a serious attack on its smart contract. The result was a huge loss of funds worth around $5 million USD.

The hacker quickly changed the stolen funds into 215 ETH, which is equal to about $980,000 to $983,000. These funds are now being kept inside a public Ethereum wallet.

This event has caused people to question the safety of not only BetterBank but also the whole DeFi ecosystem on Pulse Chain. It shows that even new and exciting blockchains face the same security problems as older ones.

What Happened in the Attack?

BetterBank is a project that uses smart contracts. These are special computer programs stored on the blockchain that automatically carry out rules and agreements. While smart contracts are powerful, they can also have hidden coding errors. Hackers look for these errors and then use them to steal money.

In this case, the attacker found a way into BetterBank’s contract. Once inside, they were able to drain funds worth millions of dollars. After stealing, the hacker moved the assets and swapped them for Ethereum (ETH). This is a common move, because ETH is one of the most widely used cryptocurrencies, and it is easier to hide stolen assets when mixed into the huge ETH market.

Read Also: 17 Most Used Cryptocurrencies in the USA

Key Details of the Incident

• The target: BetterBank smart contract on Pulse Chain.

• The total stolen: about $5 million worth of assets.

• Conversion: The attacker changed the stolen assets into 215 ETH.

• Value: Around $980k–$983k at the time.

• Storage: The stolen ETH is now held in a wallet starting with 0xf3.

• Source: The case was first reported by CertiK, a blockchain security firm, and later confirmed by other monitoring teams.

• Response: BetterBank is now rewriting and relaunching the affected contract to recover.

Why Does This Matter?

This hack is more than just a single project’s loss. It shows the risks that still exist in DeFi, even on blockchains that are new and innovative like Pulse Chain. Investors trust these platforms with their money, but one weak spot in the code can put millions at risk.

The incident also affects the reputation of Pulse Chain. Since it is a new blockchain, it must prove itself to users. A big security breach so early raises questions: Can Pulse Chain projects be trusted? How well are they being audited before launch?

Read Also: Which Cryptocurrencies Is Best for Daily Trading?

BetterBank’s Next Steps

BetterBank has already announced that it is working on fixing the problem. The team is rewriting the contract to close the loopholes that allowed the attack. They also plan to relaunch once the system is secure again.

But the damage is not just financial. Trust is hard to rebuild in the crypto world. Even if BetterBank repairs its contract, users may think twice before depositing their funds again.

What This Means for DeFi Security

This incident highlights some important lessons for the DeFi space:

1. Smart contracts must be audited: Professional code audits by trusted security firms like CertiK are essential.

2. No blockchain is 100% safe: Whether it’s Ethereum, Pulse Chain, or any other, attackers will always search for weak points.

3. Transparency is key: When a hack occurs, projects must respond quickly, openly, and with clear plans.

4. Investors must stay cautious: Always research projects, check if they have been audited, and never invest money you cannot afford to lose.

Read Also: Ethereum Sees Biggest Search Spike on Google

Conclusion

The BetterBank hack on Pulse Chain is a major reminder of the risks in decentralized finance. Nearly $5 million was lost in this single attack, with stolen assets now sitting as 215 ETH in a hacker’s wallet.

While BetterBank works to relaunch with improved security, this case shows that strong audits, transparency, and constant monitoring are necessary for the future of DeFi. As Pulse Chain grows, it must prove it can provide safety as well as innovation. Follow Bitrue, the best advice is to play carefully, study charts, and always stay safe.

FAQ

What is BetterBank?

BetterBank is a DeFi project built on Pulse Chain. It uses smart contracts to manage digital assets and financial services.

How much money was lost in the attack?

The attacker stole about $5 million worth of assets, later converting them into 215 ETH.

Where are the stolen funds now?

The ETH is being held in an Ethereum wallet that begins with 0xf3.

Who discovered the hack?

The security firm CertiK first reported the incident. Other blockchain security teams are also monitoring the hacker’s wallet.