Poly Network Hacked – Hackers Stole $600 Million Worth Cryptocurrency

Cryptocurrency DeFi Hacked
Cryptocurrency DeFi Hacked

Poly Network Notified They Have Been Hacked.

[ UPDATE ] Now, Poly Network hackers are returning the funds stolen in the largest DeFi hack ever. The hacker sent a token titled “The hacker is ready to surrender” to the Polygon address.

Poly Network is a decentralized finance (DeFi) platform that allows trading between blockchains like Bitcoin, Ethereum, and others. A major vulnerability in its system allowed unidentified actors to steal thousands of digital tokens, the company reported Tuesday.

Poly Network is built to implement interoperability between multiple chains in order to build the next generation internet infrastructure. Authorized homogeneous and heterogeneous public blockchains can connect to Poly Network through an open, transparent admission mechanism and communicate with other blockchains.

Based on Binance Smart Chain, Ethereum, and Polygon blockchains, Poly Network was founded by the founder of Chinese blockchain initiative Neo. As a result of the Cyber attack, Poly network identified three addresses where stolen assets were transferred.

There are bbout $267m of Ethereum has been taken, $252m of Binance coins and approximately $85 million in USDC tokens.

Poly Network Trying to reach hackers to communicate.

“The amount of money you have hacked is one of the biggest in Defi history. Law enforcement in any country will regard this as a major economic crime and you will be pursued. It is very unwise for you to do any further transactions. The money you stole are from tens of thousands of crypto community members, hence the people,” the company tweeted.

Changpeng Zhao, chief executive of Binance, said they aware of the latest hack

“We are aware of the http://poly.network exploit that occurred today. While no one controls BSC (or ETH), we are coordinating with all our security partners to proactively help. There are no guarantees. We will do as much as we can.” he added.

China-based blockchain security firm, Slowmist said, “Based on the flows of the funds and multiple fingerprint information, it is likely a long-planned, organized, and well-prepared attack,”.

In a response to the attack, a spokesperson from Binance Smart Chain told CoinDesk that as a “decentralized” blockchain, protocols and users on BSC need to take security measures “extremely seriously.”

“We are aware of the Poly exploit that has affected Ethereum, Polygon and BSC users,” the spokesperson said. “Recently, several trustless bridges have become victims of such critical attacks and we recommend security audits and necessary due diligence prior to interacting with any projects.”

The HackersOnlineClub team recommends that all companies hire Cyber Experts and announce Bug Bounty programs to keep their networks secure.

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