Anonymous hackers have exploited a loophole in the Poly Network to steal over $600 million from three chains. The protocol tweeted that the amount stolen was from the Poly Network itself, Ethereum, and Binance chain.
A blockchain report for each network reveals that the attackers removed $254 million from Binance smart chain, $86 million worth of USDC from the Polygon network, and about $274 million from Ethereum. The protocol further revealed that hackers also removed small amounts of wrapped ether (wETH), wrapped Bitcoin (wBTC), and renBTC.
This heist represents the largest heist in the DeFi space, and as such, Poly has announced it would seek redress in court. Hence, it advises the hackers to return the stolen funds. Also, as a precaution, Poly has announced that miners on the affected chains and exchanges report suspicious transactions to the Poly team or the appropriate authorities.
Prominent Crypto Figures Offer Support For The Poly Network
Leading figures in the crypto space have offered to help Poly Network in any way possible. Jay Hao, the OKEx CEO, revealed that his exchange would be more observant of the crypto transactions taking place on its exchange from now on. Also, paolo ardoino, tether’s chief technical officer, revealed that tether identified and seized about $34 million worth USDT from an affected address.
Changpeng Zhao, Binance CEO, also revealed that Binance is already in collaboration with security agents to help. Zhao also said, “nothing is guaranteed, but we will do our best. Stay #safu.”
Poly Network is a joint effort of Ontology, Neo, and Switcheo, and it aims to integrate various blockchains into a more extensive cross-chain ecosystem. Hence, users on the network can switch between tokens on various blockchains.
Hacker Identified
Poly Network tried to establish communication with the hacker after attempting to convert the majority of the funds apart from the centralized stablecoins. They stated that “with the amount you stole, law enforcement agents will make tracking you their top priority, and you’ll eventually be caught. The most sensible thing for you to do is not to perform any transactions again. The money you stole is for the people, and they will do all they can to track you down.”
Later, an IT security firm, SlowMist, has claimed that it has deployed its full resources (including help from partners and exchanges) to identify the hacker’s mailbox, IP, and device fingerprint. Rumors have it that it was quick to track down the hacker because the funds were linked with centralized entities.
The hacker also left a message via the transaction input saying, “Had I moved the shitcoins, the hack would have been worth $1 billion. I might just have saved the project. I am even considering returning some tokens.”
Meanwhile, the first exchange on Ethereum, dYdX, has launched its native token, DYDX, on the Ethereum network today. The newly launched token will be the governance token for the dYdX ecosystem with all its attendant benefits, such as rewards distribution and staking.
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