Largest Crypto Hack Till Date: Poly Network Loses Over $600 Million
Trying to make the most of the growing popularity of the DeFi sector, we have news of what could potentially be the largest hack the crypto industry has seen till date. According to reports, cross-chain DeFi platform Poly Network suffered an attack on Tuesday, with hackers camping off with around $600 million in digital assets.
The DeFi platform which runs on Ethereum, Binance Smart Chain and Polygon was launched by the developers of China-based blockchain network Neo. The hackers launched attacks against Poly Network on all three blockchain and transferred the loot into three addresses which have been identified and are said to hold over $600 million in different digital currencies among them.
After detecting the attack, Poly Network has been working with customers, crypto exchanges and miners, requesting them to block transactions from these specific addresses. In response, Tether froze around $33 million on one of the addresses even as it attempted to move some of the stolen assets into liquidity pool Curve.fi, which was also rejected.
Cross-chain protocols are especially vulnerable to malicious attacks and the one on Poly Network unfortunately was not the first in this space. Last month, cross-chain liquidity protocol Thorchain experienced two exploits in a matter of a couple of weeks, while another cross-chain DeFi protocol Rari Capital lost almost $11 million worth of ETH tokens to an attack in May.
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