Home Latest Hackers stole at least $600M in Poly exploit across three chains

Hackers stole at least $600M in Poly exploit across three chains


Blockchain platform Poly Network has announced that hackers have stolen $ 600 million worth of cryptocurrency. Affected cryptocurrencies in Bitcoin, Ethereum and in the tokens of the Polygon network. Theft has become the largest in the history of this area.

Poly Network works on the principle of an aggregator, combining different blockchains. The platform talked about the hacker attack on Twitter. In the message, she asked the robbers to get in touch and return the stolen assets. The stolen amount became the largest in the history of DeFi – decentralized financial services. “You should talk to us so we can find the right solution”, the Poly Network team said in a statement.

The attackers exploited a vulnerability in the platform system. Experts believe that the theft was planned long ago.

As soon as the attackers stole the money, they started sending it to different cryptocurrency wallets. Poly Network urged cryptocurrency exchanges to blacklist tokens coming from hacker email addresses. Tether said it has already frozen the stolen $ 33 million. SlowMist, a blockchain security service, said it received the attackers’ IP addresses and email addresses. After the addresses of the attackers were published publicly, empty transactions containing various messages began to arrive at them.

The head of one of the largest cryptocurrency exchanges Binance, Changpeng Zhao, wrote on Twitter that he knew about the upcoming attack; but did not explain why no action was taken to repel it. At the same time, Zhao Changpeng, the CEO of the Binance crypto exchange; said that he was “doing everything possible” to help the victims.

Hacker attacks in the DeFi space

According to CipherTrace, $ 361 million has been stolen from the DeFi space since the beginning of the year; almost three times more than in all of 2020. DeFi hacking accounts for 54 percent of total cryptocurrency scams, down from just three percent last year.

At the end of May, the US Federal Trade Commission reported that scammers on behalf of Elon Musk had stolen more than two million dollars in cryptocurrency in six months. Attackers create Twitter accounts and, posing as the head of Tesla, offer potential victims to transfer tokens to their crypto wallets for a large reward.

The hacker began to return the stolen cryptocurrency back to Poly

The attacker probably failed to withdraw the stolen tokens. The hacker, who managed to steal more than $ 600 million in cryptocurrency from users of the Poly Network blockchain platform, began to voluntarily return the stolen assets. According to the latest data, Poly Network has returned cryptoassets totaling $ 260 million.

Tom Robinson, chief scientist at blockchain analyst firm Elliptic, explained: “Even if you manage to steal cryptoassets, it will be extremely difficult to launder and cash them because of the transparency of the blockchain … In this case, the hacker came to the conclusion that the most secure option is it will be easy to return the stolen”.

In addition, the creators of the project explained to the hackers that they committed the biggest theft in the history of the decentralized finance (DeFi) sphere, so the authorities of many countries will persecute them.

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