Mine cPen Network: A Cutting-edge Web3 Social Media Platform

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Poly Network under cross-chain hack, $611 million token stolen by the hackers

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Poly Network the Cross-chain protocol has been hacked for $611 million in the largest Defi hack to date, the team behind the protocol is urging exchanges to block the funds that were taken.

Poly Network tweeted on its Twitter handle today saying:

"We are sorry to announce that #PolyNetwork was attacked on @BinaceChain @ethereum and @0xPolygon," added that "We call on miners of affected blockchain and crypto exchanges to blacklist tokens coming from the above addresses."

Poly Network is a protocol for swapping tokens across multiple blockchains, including Bitcoin, Ethereum and Ontology. It was formed by an alliance between the teams behind multiple blockchain platforms, namely Neo, Ontology, and Switcheo.

The sum of $273 million of Ethereum tokens was stolen, while $253 million of tokens were also stolen Binance Smart Chain and $85 million in USDC on the Polygon network.

According to theblockcrypto news post, since the incident occurred, Tether has blacklisted the USDT on Ethereum that was stolen in the attack, roughly $33 million in tokens. That means they can no longer be moved. (USDT is a centralized stablecoin that can be frozen at will by the company behind it, similar to other stablecoin  like USDC.)

Also, the Binance Decentralized Exchange platform CEO has acknowledged the incident by tweeting on his handle:

"We are aware of the poly.network exploits 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." said Changpeng Zhao

However, Blockchain security firm SlowMist has sent out a news alert that says they have already tracked down the attacker's ID. It claims to know their email address, IP information and device fingerprint. The firm said that the attacker's original funds were in monero (XMR), which were exchanged for BNB, ETH and MATIC and other tokens that were used to fund the attack.



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