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DeFi Exploit: Hackers steal $611 million from Poly Network

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Poly network, a Decentralized Finance platform announced on its Twitter feed that its network has been attacked and cryptocurrency assets have been moved from three networks which include the Binance Chain, Ethereum, and the Polygon network. The total amount stolen from these networks together is approximately $611 million and this exploit is now termed as one of the biggest in DeFi history.

What you should know

Poly Network is a protocol launched by the founder of Chinese blockchain project Neo, which is intended to bring a “heterogeneous interoperability protocol alliance” by integrating blockchains into the larger cross-chain ecosystem. The protocol allows users to swap tokens across different blockchains.

According to blockchain data from these respective networks as of the time of writing this report, the perpetrator stole $273 million from the Ethereum network, $85 million in USD Coin (USDC) from the Polygon network, and $253 million from the Binance Smart Chain network.

The Poly team tweeted “We call on miners of affected blockchain and crypto exchanges to blacklist tokens coming from the above addresses.” In response to the call, so far, Tether CTO Paul Adroino tweeted that Tether has frozen approximately $33 million in relation to the hack.

What they are Saying

The company has issued a statement on its Twitter feed addressing the hacker. See imagine below:

The CEO of Binance has responded to Poly network on Twitter stating, “We are aware of the 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.”

Also, the CEO of OKEx responded to the call on Twitter stating, “OKEx is already on the case, we are watching the flows of coins and will do our best to manage the situation.”

Bottomline

About one hour after Poly announced the hack on Twitter, the hacker tried to move assets including USDT through the Ethereum address into liquidity pool Curve.fi, records show. The transaction was rejected. Also, close to $100 million has been moved out of the Binance Smart Chain address and deposited into liquidity pool Ellipsis Finance.

This is a developing story.



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