Poly Network Suspends Operations After Hackers Mint Tokens

Poly Network suspended its services on Sunday, July 2, after a major hack that affected over 57 assets across several blockchain platforms.

Interoperability platform Poly Network suffered a major hack over the weekend with the attacker exploiting a vulnerability in the cross-chain bridge protocol and creating billions of tokens from thin air.

The hackers created large amounts of different cryptocurrencies, such as BUSD, BNB, and SHIB, on various blockchains. They also managed to generate 24 billion BUSD and BNB on Metis, 999 trillion SHIB on the Heco blockchain, and millions on other chains.

At one point, the total value in the attacker’s wallet reached around $43 billion worth of cryptocurrency. However, because of limited market demand, it is difficult for them to sell these tokens and make significant profits. Currently, the estimated gains from the hack range between $400,000 to $4 million. On Sunday, the Poly Network made the announcement noting:

“Dear users, As we continue to address this situation, we regret to inform you that our services will remain temporarily suspended. We kindly request the assistance of cybersecurity professionals and individuals with relevant knowledge. If you possess any information that could aid us in this endeavor, we encourage you to actively contact us”.

Poly Network Hack Impacts 57 Assets Across 10 Blockchains

As said, the Poly Network hack has impacted a total of 57 assets across 10 different blockchain networks. This is not the first time that the Poly Network has been facing major hacks.

Back in August 2021, hackers identified bridges as profitable targets. Also, the notable hack that resulted in Poly Network losing $600 million and diverting funds from Ethereum, BNB Smart Chain, and Polygon gained widespread attention in 2021.

Thus, after reclaiming $342 million of the stolen cryptocurrency, Poly Network took steps to reimburse users who experienced financial losses.

AD

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.