News

Poly Network loses over $600M from biggest crypto heist yet

poly network bannermain

In what appears to be the biggest crypto heist in history, tens of thousands of users on the Poly Network platform lost over $600 million worth of cryptocurrency. The funds were stolen from the blockchain provider on August 10 and have since been under investigation.  

That same day, Poly Network released a statement on Twitter, relaying the news, ‘We are sorry to announce that Poly Network was attacked on Binance Chain, Ethereum and 0xPolygon.’ The remaining parts of the tweet showed the keys to three different crypto wallets where the funds were traced. 

‘After a preliminary investigation, we located the cause of the vulnerability. The hacker exploited a vulnerability between contract calls; the exploit was not caused by the single keeper as rumoured,’ Poly Network said in another tweet.  

According to CoinDesk, the hacker tried to move the assets over an hour after Poly Network announced the attack. From the aforementioned crypto wallets, an attempted transfer was made to Curve.fi. However, the records show that it was not successful. 

Poly Network also released a message directed to the hacker, ‘The amount of money you hacked is the biggest one in DeFi history. Law enforcement in any country will regard this as a major economic crime and you will be pursued. It is very unwise for you to do any further transactions. The money you stole is from tens of thousands of crypto community members, hence the people.’

After this statement was released, a security researcher named Alon Gal realized that the hacker is leaving messages for Poly Network through one of the three wallets being used. Evidence shows that the hacker does not seem interested in spending or converting any of the digital assets into cash. 

One of the messages stated, ‘It would have been a billion hack if I had moved remaining shitcoins! Not so interested in money, now considering returning some tokens or just leaving them here.’

As of now, there are no developments as to whether the funds will be successfully retrieved by Poly Network. Stay up to date with the latest cryptocurrency news and updates here at BTC Post!

Cryptocurrency Market Capitalization
  • bitcoinBitcoin (BTC) $ 18,993.42 0.83%
  • ethereumEthereum (ETH) $ 1,316.43 0.85%
  • tetherTether (USDT) $ 0.999989 0.06%
  • usd-coinUSD Coin (USDC) $ 1.00 0.32%
  • bnbBNB (BNB) $ 270.65 1.44%
  • xrpXRP (XRP) $ 0.444474 6.14%
  • binance-usdBinance USD (BUSD) $ 1.00 0.02%
  • cardanoCardano (ADA) $ 0.439956 1.41%
  • solanaSolana (SOL) $ 32.69 1.56%
  • dogecoinDogecoin (DOGE) $ 0.060464 0.43%

Expand your knowledge and invest in the cryptocurrency industry.