$600 million was stolen in an exploit on Poly Network

In an exploit, hackers managed to steal $600 million from the Poly Network across three chains.

Share

This attack was described as "a long-planned, organized and prepared attack" by the SlowMist, a Chinese cybersecurity company. It is called the largest DeFi attack in which $600M were stolen from Poly Network’s three chains through an exploit on its cross-chain protocol.

Poly Network said that several assets have fallen victims to this attack among which Ethereum with $273M, Binance Smart Chain (BSC) with $253M, and Polygon Network with $53M in USDC are the Major assets that have been attacked. Other assets were also involved in this exploit which took advantage of "a vulnerability between contract calls" like wrapped Ether (WETH), renBTC, and wrapped Bitcoin (WBTC).

Although claimed that they had found the hacker’s information such as IP address email address, and device fingerprint, SLowmist did not disclose that information. In cooperation with some firms and Hoo exchange they found out that the hacker had originally invested in Monero (XMR) and later it was changed to Ether (ETH), Binance Coin (BNB), and MATIC.

SlowMist said:

"Combined with the flow of funds and multiple fingerprint information, it can be found that this is likely to be a long-planned, organized and prepared attack".

The hacker seemed to have a message by posting 3 messages via transaction records on Ethereum, It seems that they are willing to return some of the funds since they cannot move them. The hackers seem to be requesting help from the community to launder the stolen digital assets via Tornado, the tumbling service, and they said that it is DAO (Decentralized Autonomous Organization) that must say where the tokens should go.

"It would have been a billion hack if I had moved remaining shitcoins! Did I just save the project? Not so interested in money, now considering returning some tokens or just leaving them there."

Categories

Cryptocurrency(5)

Latest News

Shiba Inu wallet waitlist hits 1.6 and Robinood COO hails this

1.6 million people are in a queue for Robinhood's crypto wallet as pressure rises on this company to list one of the market's most popular memecoins. ...

NOV 10, 2021

BlockFi files for a Bitcoin ETF with physical backing

The Securities and Exchange Commission's decision on VanEck's proposal for a spot Bitcoin ETF is set to be made on November 14th. ...

NOV 08, 2021

Brazilian federal deputy proposes cryptocurrency as a payment option for workers

Goulart's plan calls for the passage of a new legislation that would provide all Brazilian employees the option to receive their payment in cryptocurrency from ...

NOV 07, 2021

Enjin tends to spend a new $100M to decentralize its metaverse

The fund will be dedicated to building the Efinity blockchain, focusing on seed equity investments. ...

NOV 04, 2021

Tags

Crypto Hack

Poly Network

Tags

Crypto Hack

Poly Network