Poly Network loses over $ 600 million of crypto in the largest defi-hack
Poly Network loses over $ 600 million of crypto in the largest defi-hack
- The Defi-Site Poly Network was hacked on Tuesday and around $ 600 million was deducted from crypto-assets. Cross-chain protocols coming up are susceptible to attacks in which Rari Capital and Thorchain have been hit in the past.
The Cross-Chain Defi platform Poly Network was chopped on Tuesday, with the attacker skimming around $ 600 million to crypto. Poly Network was launched by the founder of the Neochinese blockchain project and works with Binance Smart Chain (BSC), Ethereum and Polygon Blockchains. The youngest hack has added all three blockchains one after the other.
The Poly Network team, however, was able to identify three wallet addresses to which the stolen crypto-assets were transferred. At the time of writing, blockchain scanning platforms show that the three addresses together lasted over $ 600 million. These are kept in USDC, Wrapped Bitcoin, Wrapped Ether and Shiba Inu.
important note:
we are sorry to have to tell #Polynetzwerk was attacked @binancechain @ether and @0xpolygon assets were transferred to the following addresses of the hackers:
ETH: 0xc8a65f0e0DAf421f28F6e2e589963 /> BSC: 0x0d6e286a7cfd25e0c01fee9756765D803B32C71-Poly-Netzwerk (@polynetwork2) 10. August 2021
In response to this, Poly Network asked the miners of the affected blockchain and crypto exchanges to put token from the addresses of the hacker on the black list. In addition, the Poly Network team wrote a message on Twitter in which the hacker was asked to return the chopped assets. Otherwise, the law enforcement authorities would be persecuted. The note ended with the fact that Poly Network advised the hacker to turn to it to develop a solution.
Developments in poly network hacks
Just an hour after the attack, the hacker tried to transfer the stolen assets to the liquidity pool curve via the Ethereum address. fi. The transaction was immediately blocked. In addition, Tether-Cto Paolo Ardoino tweeted that Tether had frozen around $ 33 million of crypto-assets in connection with the attack. Wu Blockchain, China's most popular industry medium, tweeted:
binance and circle have to explain why the 3 million busds stolen by hackers are not frozen.
Nevertheless, almost $ 100 million later deducted from the BSC address and placed in the liquidity pool Ellipsis Finance.
Blocksec, a blockchain security company based in China, has created a first attack analysis test report . The company pointed out that the hack may be due to the loss of private keys. As a result, the attacker was able to sign the cross-chain message. Alternatively, it could have happened if the attacker "misused" a potential error in the signing process of the network.
another similar company, slowmist, found that the attacker originally held money in Monero, a data protection-oriented cryptocurrency. The attacker then exchanged them against ETH, BNB, Matic and a few other tokens and then initiated the hack. Slowmist concluded from this that the attack was planned for a long time and well organized.
The cause of @polynetwork2 noreferrer "Target =" _ blank "href =" https://twitter.com/hashtag/defi?src=hash&ref_src=twsrc%5etfw "> #defi #icherheit @der block__ @coindesk @Chainnewswcom https://t.co/v6nktii6hl
- Slowmist (@slowmist_team) 10. August 2021
susceptibility to attacks of cross-chain protocols
In terms of attack, a spokesman for BSC asked users and protocols to take safety measures "extremely seriously". The spokesman also found that a number of trustworthy bridges had become victims of such attacks. At the moment BSC and its security partners prove as much support as possible for the ongoing investigation.
The latest attack is proof of how susceptible cross-chain protocols for attacks are. The $ 600 million drain from Poly Network marks the greatest attack of all hacks in crypto history. Thorchain, also a cross -chain liquidity pool, suffered two attacks within two weeks in July. Another cross-chain defi protocol, Rari Capital, was hit in May and recorded losses of almost $ 11 million in ETH.
Source: Crypto-news-flash.com
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