Poly network gets hacked and faces a loss of $600 million

Syed AhadWeb Editor

11th Aug, 2021. 12:01 am
Poly network

Poly Network is decentralized finance (DeFi) firm, which publicized that hackers were able to steal much more than $600 million costs of several cryptocurrencies managed on the Binance Smart Chain, Ethereum, and Polygon blockchains.

This could be one of the biggest cryptocurrency-related heists.

If the total of that $600 million in assets managed on those chains was in fact cooperated. Poly Network didn’t share data about how much was stolen, but it did share the types of cryptocurrency taken by the hackers, CoinDesk reported.

Among those on the list are, Wrapped Bitcoin (WBTC), Wrapped Ethereum (WETH), RenBTC, Dai, Uniswap (UNI), Shiba Inu (SHIB), FEI, and USD Coin (USDC).

Poly Network public a list of wallets related to the theft and advised “miners of affected blockchain and crypto exchanges” and also “token issuers” to “blacklist assets coming from” those addresses to avoid the stolen coins from being spent. At least some of those groups, such as Tether, have fulfilled that demand.

According to a study conducted by CipherTrace, Poly Network’s statement came just after Reuters informed that “losses from theft, hacks, and fraud” in the DeFi industry touched “a record $474 million from January to July”. Over the course of a single morning, this hack might have more than doubled those figures.

“HsakaTrades” stated that the hacker is tipping individuals who offer them beneficial info, and showed that many individuals are texting the hacker to toast them on the theft. But then some of those celebrations might have been sudden. Much of the reaction to this hack has played out on Twitter.

Blockchain Security Company called SlowMist claimed to have “tracked down the attacker’s ID” also “their email address, IP information, and device fingerprint”. It didn’t take much time before the hacker pressured them to return what they stole and then were pressed criminal charges for the theft.

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