Poly Network, an interoperability platform, was hacked over the weekend.
Poly Network Hacked Again
Poly Network, an interoperability platform, was hacked over the weekend, with the attacker using a vulnerability in the cross-chain bridge protocol to create billions of tokens out of nothing.
The hackers minted 24 billion BUSD and BNB on Metis, 999 trillion SHIB on the Heco blockchain, and millions on other chains. The attacker’s wallet held nearly $43 billion worth of cryptocurrency at one point. However, due to low liquidity, most of these tokens are not able to be sold to realize gains. So far, the estimated gains from the hack is between $400,000 to $4 million.
Following the hack, Poly Network announced:
“Please remain calm. We are committed to safeguarding your assets.”
The platform suspended its services and is assessing the scope of the attack and impacted assets. This impacts 57 assets across 10 blockchains.
In the past, hackers have found bridges to be a lucrative target. The unprecedented hack that cost Poly Network $600 million and siphoned off funds from Ethereum, BNB Smart Chain, and Polygon made headlines in 2021. Following the recovery of $342 million in stolen cryptocurrency, Poly Network took action to compensate users who suffered losses.
