Cross-chain protocol Poly Network has been hacked for $611 million in the largest DeFi hack to date
The interoperability protocol Poly Network is the latest victim of an attack with a record stolen amount of more than $611 million. The hackers then quickly transferred those assets to addresses on Ethereum, Binance Smart Chain, and Polygon.
Important Notice:
We are sorry to announce that #PolyNetwork was attacked on @BinanceChain @ethereum and @0xPolygon Assets had been transferred to hacker’s following addresses:
ETH: 0xC8a65Fadf0e0dDAf421F28FEAb69Bf6E2E589963
BSC: 0x0D6e286A7cfD25E0c01fEe9756765D8033B32C71— Poly Network (@PolyNetwork2) August 10, 2021
Poly Network has lost more than $611 million as the result of an exploit
Earlier, Poly Network announced on its Twitter that the platform encountered a serious security breach. Accordingly, the wallet address that the hacker transferred money to for custody has been confirmed, and the project proposes supporting exchanges to block this address temporarily.
Polygon: 0x5dc3603C9D42Ff184153a8a9094a73d461663214
We call on miners of affected blockchain and crypto exchanges to blacklist tokens coming from the above addresses. @binance @HuobiGlobal @OKEx @CoinbasePro
— Poly Network (@PolyNetwork2) August 10, 2021
As announced, the development team indicates that assets stored on Binance Smart Chain, Ethereum, and Polygon have been moved to other addresses belonging to this group of hackers. Of that, the ETH address, which has already been reported to be involved in the hack, currently contains 2,858 ETH tokens worth $266,5 million. The Binance Smart Chain wallet has more than 6,610 BNB. The value in USD terms represents just a bit over $252 million. Lastly, the Polygon address shows $85 million. Ultimately, the total amount stolen exceeds $600 million as of writing these lines.
Besides, some people think that the Japanese aggregation protocol O3 Swap also suffered relative losses.
The O3 team also announced:
O3 Swap cross-chain function is currently suspended due to the Poly Network was hacked. We are in contact with the team. Please be patient to back to full functionality.
The non-cross-chain function is available and can be used normally. https://t.co/rpl9lMjaS9— O3Labs (@O3_Labs) August 10, 2021
Poly Network is urging miners and exchanges to blacklist the wallets associated with the attack. The operators behind the protocol promise to take legal action against the bad actor. Furthermore, Tether CTO Paolo Ardoino has announced that the stablecoin issuer has frozen $33 million worth of USDT in connection with this incident.
Binance CEO Changpeng Zhao also commented on the hack, claiming that the company coordinates with its security partners. With a total loss of up to $611 million, this is arguably the biggest DeFi hack to date. And unfortunately, this “record” was awarded to Poly Network, a highly expected project to lay the foundation for cross-chain transactions.
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