Crypto News Poly Network Exploited For Record $600 Million

Crypto News

By Alexander Bowring

20 hours agoWed Aug 11 2021 11: 49: 58

Reading Time: 2 minutes

• In the largest exploit in DeFi history, hackers exploited Poly Network that resulted in over $600 million in losses.
• The network stated that it would take legal action and urge hackers to return their assets.
• Analysts have differing opinions on how the network was hacked.

Poly Network, an interoperable between multiple chains, has been exploited for over $600 million. This network was exploited on multiple decentralized finance (DeFi) exchanges including Ethereum, Binance Smart Chain and Polygon.

In what emerges to be the largest exploit in DeFi history, hackers exploited Poly Network using a vulnerability among contract calls that resulted in over $600 million in losses. Although the full extent of the damage has yet to be determined, it is already the largest hack in crypto history.

Poly Network shared the bad news via Twitter, asking miners to block tokens from hacker addresses. The network stated that it would take legal action against hackers and urge them to return their assets.

Hackers have made off with over $250 million from BSC, more than $270 million from Ethereum, and more than $85 million in USDC from Polygon Network.

Poly network, a cross-chain interoperability protocols, allows token swaps between a variety of blockchains. The network is interoperable with 11 blockchains, including Bitcoin, Ethereum and Neo, Ontology. HECO, OKExChain. OKExChain. Polygon. Elrond. Zilliqa. Cosmos-SDK.

Following the hack, Paolo Ardoino, Chief Technology Officer at Tether, tweeted that the company has frozen approximately $33 million in USDT.

Michael Tant is a business analyst at inside.com. He said that people are less concerned about DeFi hacks. “Surprisingly, the market has not been affected much, despite $600 million being exploited, which is pretty significant. This is a good indicator of the current market. DeFi has been through so many hacks and exploits, that people are less afraid of losing their assets,” he stated.

Crypto News How Was Poly Network Hacked?

While it was initially believed that the vulnerability was used in contract calls to exploit the network, analysts differ from this view. A BlockSec security auditor said that there are two options. He stated:

[The theft could be the result of] either the leakage of the private key that is used to sign the cross-chain message or a bug in the signing process of the PolyNetwork that has been abused to sign a crafted message.

Mudit Gupta is an Ethereum core developer. He claimed that “the attacker got hold at least three keepers and then used these to change the keepers into a single keeper.” However, SlowMist a blockchain security team disagreed with Gupta. It reported that “it is not the case” that the event was caused by the leakage the keeper’s personal key.

https://fullycrypto.com/poly-network-exploited-for-record-600-million?utm_source=rss&utm_medium=rss&utm_campaign=poly-network-exploited-for-record-600-million, FullCrypto
Read More

source https://ihomenews.com/crypto-news-poly-network-exploited-for-record-600-million/