DeFi

$611 million stolen in Poly Network hack

  • The assets stolen were $273 million of ETH tokens, $253 million on BSC and $85 million in USDC
  • Since the theft, Tether has blacklisted the USDT on Ethereum that was stolen in the attack
  • Blockchain security firm Slowmist sent out a message saying it had already tracked down the attacker

The cross-chain protocol Poly Network has been exploited for $611 million in what appears to be the largest DeFi hack that has ever happened.

Poly Network announced the hack on Twitter

Poly Network is a protocol for swapping tokens across multiple blockchains, including Bitcoin, Ethereum, and Ontology. The network tweeted just after the hack, “We are sorry to announce that #PolyNetwork was attacked on @BinanceChain @ethereum and @0xPolygon,” and added, “We call on miners of affected blockchain and crypto exchanges to blacklist tokens coming from the above addresses.”

According to a source, the hack was caused by a cryptography issue, and because PolyNetwork is a cross-chain protocol, the hacker could steal large amounts of money. The assets stolen were $273 million of Ethereum tokens, $253 million in tokens on Binance Smart Chain, and $85 million in USDC on the Polygon network.

Tether has blacklisted the USDT that was stolen in the attack

Since the theft, Tether has blacklisted the USDT on Ethereum that was stolen in the attack, roughly $33 million in tokens. A person even warned the hacker that USDT was blocked, and for some reason, the hacker donated the wallet address that warned him for this $42k.

The CEO of crypto exchange Binance tweeted Changpeng Zhao: “We are aware of the [poly. Network] exploit that occurred today. While no one controls BSC (or ETH), we coordinate with all our security partners to help proactively.

Slowmist announced it had already tracked down the attacker

Blockchain security firm Slowmist sent out a message saying it had already tracked down the attacker: ID. The company claims to know his email address, IP information, and fingerprint of his device. The company said the attacker’s original funds were in Monero (XMR), which were exchanged for BNB, ETH and MATIC, and other tokens used to fund the attack.

Slowmist said this information was obtained through its Chinese partner crypto exchange Hoo and other exchanges. Other crypto users have claimed that the funds used for the attack came from the Hoo exchange.

Sign up for our FREE mailing list

Join 12,590 others now and get actionable research and analysis sent directly to your inbox.

Post a Comment

GET YOUR CRYPTO DAILY BRIEF

Delivered daily, straight to your inbox.