Hackers stole millions of dollars worth of crypto assets from Poly Network platformSecurity Affairs


Poly Network platform suspended its services during the weekend due to a cyber attack that resulted in the theft of millions of dollars in crypto assets.

Threat actors have stolen millions of dollars worth of crypto assets from the Poly Network platform during the weekend.

The platform suspended its services due to the cyber attack to investigate the security breach and assess the extent of the incident.

Poly Network is a decentralized interoperability protocol that facilitates cross-chain transactions and communication between different blockchain networks. It allows the transfer of digital assets across multiple blockchains. The platform acts as a bridge between different blockchain networks, it relies on a combination of smart contracts and other technical mechanisms.

The services were suspended early Sunday and during the afternoon the company shared a Google spreadsheet showing crypto assets that have been stolen by the attackers.

Binance CEO Changpeng Zhao promtly declared that the security breach did not affect Binance users.”

The company notifies centralized exchanges and law enforcement agencies in an attempt of identifying and block fraudulent transactions. They also hope that the attacker will cooperate and return the stolen assets to avoid any potential legal consequences.

“To minimize further risks, we have reached out to the majority of project teams and urged them to promptly withdraw liquidity from decentralized exchanges. We also strongly advise users who hold the affected assets to expedite the process of withdrawing liquidity and unlocking their LP tokens.” continues the company in a series of tweets. “We also strongly advise users who hold the affected assets to expedite the process of withdrawing liquidity and unlocking their LP tokens.”

Blockchain security firm PeckShield reported that the attackers have stolen about $42 billion worth of cryptocurrency.

The above estimation is quite different from the figures reported by other blockchain security firms, according to The Record.

This isn’t the first time that the Poly Network has been hacked, in August 2021, threat actors stole $611 million, making this hack the largest DeFi hack to date.

After the attack, the threat actor behind the hack returned a large part of the stolen crypto assets after they have received a financial reward from the platform.

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Pierluigi Paganini

(SecurityAffairs – hacking, cryptocurrency)








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