Cryptocurrency Theft: Hackers gained access to the blockchain-based platform Poly Network on Tuesday and stole more than $600 million in Ethereum and other cryptocurrencies, according to a tweet from the company on the subject of the theft. This is the largest hack in the history of decentralized finance, often known as DeFi, up to this point. Users of Poly Network may trade cryptocurrency tokens, and the company has acknowledged that thousands of investors have been impacted by the recent cryptocurrency robbery.
“We regret to inform you that the #PolyNetwork has been attacked,” Poly said in a tweet early Tuesday morning, revealing that millions of dollars had been robbed from cryptocurrency investors. It also disclosed the identities of the suspects and the places to which the stolen funds were moved.
It is claimed to be Biggest Cryptocurrency Theft ever
We are sorry to announce that #PolyNetwork was attacked on @BinanceChain @ethereum and @0xPolygon Assets had been transferred to hacker's following addresses:
— Poly Network (@PolyNetwork2) August 10, 2021
This was stated by the platform, which was formed by an alliance of the teams behind multiple blockchain platforms – Neo, Ontology, and Switcheo – in an announcement. “We call on miners of affected blockchains and crypto exchanges to blacklist tokens coming from the above addresses,” the platform said. It has urged hackers to restore the assets, and it has also said that legal action would be taken against anyone who was engaged in the theft.
Ethereum is considered to be the cryptocurrency that has been the most severely impacted by the heist. In all, hackers took $273 million in assets, including Ethereum tokens, $253 million in tokens from the Binance Smart Chain, and $85 million in USDC tokens from the Polygon network, according to reports. A total of about $33 million in the stablecoin Tether, which was stolen as part of the heist, was frozen by Tether’s issuer shortly after the assault. This implies that the hackers will be unable to make use of these tokens.
The assault is being hailed as the biggest ever witnessed in the relatively young crypto sector, which has been confronted with a number of difficulties over the last several months.
“We are aware of the poly.network exploits that took place today, and we are investigating it. While no one has control over BSC (or ETH), we are working with all of our security partners to provide proactive assistance. There are no assurances in this world. We will do all we can to help “Changpeng Zhao, the CEO of Binance, a cryptocurrency exchange, took to Twitter to express his thoughts.
We are aware of the https://t.co/IgGJ0598Q0 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. Stay #SAFU. 🙏 https://t.co/TG0dKPapQT
— CZ 🔶 Binance (@cz_binance) August 10, 2021
According to Poly Network, a preliminary examination discovered that a hacker took advantage of a “vulnerability between contract calls.” Hacks of this kind in the DeFi sector have grown in importance as a source of worry for investors. Since the beginning of the year, there have been a number of incidents, but none in which the sum taken has been as large as this one.
The Securities and Exchange Commission (SEC) of the United States accused Blockchain Credit Partners and two of its senior executives last week of generating $30 million via allegedly fraudulent sales.