Hackers have stolen more than $600 million in Ethereum and other cryptocurrencies by breaching blockchain-based platform Poly Network, the company confirmed through a tweet on Tuesday.
HIGHLIGHTS
- Poly Network has confirmed that it was attacked by hackers.
- Hackers have stolen more than $600 million in cryptocurrencies.
- This is the biggest theft in DeFi space till now.
Hackers have stolen more than $600 million in Ethereum and other cryptocurrencies by breaching blockchain-based platform Poly Network, the company confirmed through a tweet on Tuesday. This is the biggest hack ever in the decentralised finance or DeFi space till now. Poly Network is a platform which allows users to exchange crypto tokens and has confirmed that thousands of investors have been affected by this latest crypto theft.
“We are sorry to announce that #PolyNetwork was attacked,” Poly tweeted Tuesday morning, confirming that millions of dollars have been stolen from crypto investors. It also shared the addresses of the attackers to which the stolen amount was transferred.
"We call on miners of affected blockchain and crypto exchanges to blacklist tokens coming from the above addresses," the platform, which was formed by an alliance between the teams behind multiple blockchain platforms - Neo, Ontology and Switcheo, said. It has asked hackers to return the assets while adding that a legal action will be taken against those involved.
Ethereum is believed to be the most affected cryptocurrency in the theft. Hackers have stolen $273 million in assets was taken in Ethereum tokens, $253 million in tokens on Binance Smart Chain and $85 million in U.S. Dollar Coin (USDC) tokens on the Polygon network. . About $33 million of the stablecoin Tether that was a part of the theft has been frozen by Tether’s issuer soon after the attack. This means that these tokens cannot be used by the hackers.
The attack is being seen the largest in the relatively youndg crypto space which has been facing multiple challenges over the past few months.
"We are aware of the poly.network exploit that occurred today. While no one controls BSC (or ETH), we are coordinating with all our security partners to proactively help. There are no guarantees. We will do as much as we can," tweeted Changpeng Zhao, CEO of Binance, a cryptocurrency exchange.
Poly Network said a preliminary investigation found a hacker exploited a "vulnerability between contract calls". This kind of hacks in the DeFi space have become a major concern for investors. There have been multiple instances since the beginning of this year but, in no case the amount stolen was as much.
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