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.

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.

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:

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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