Poly Network Suffers $612M Hack [Updated]
Crypto News

Poly Network Suffers $612M Hack [Updated]

Created 9mo ago, last updated 7mo ago

The massive theft is the largest-ever to hit DeFi

Poly Network Suffers $612M Hack [Updated]

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The cross-chain protocol Poly Network has suffered a major hack, losing $612 million in multiple cryptocurrencies.
At 8:38 a.m. ET, Poly Network tweeted out: “We are sorry to announce that #PolyNetwork was attacked on @BinanceChain @ethereum and @0xPolygon.”

It then asked for help, saying, “We call on miners of affected blockchain and crypto exchanges to blacklist tokens coming from the above addresses.”

That had some effect, with Tether and Bitfinex CTO Paolo Ardoino tweeting that the firm had frozen $33 million.
It is by far the largest hack to date of a decentralized finance protocol, and more than twice the $284 million value of all DeFi hacks since 2019, blockchain research firm Messari reported in February. Victims include Maker, Synthetix, Balancer, SushiSwap and Yearn Finance. The Poly Network hack also ranks the highest in our list of the largest crypto hacks in history.
There have been other substantial hacks since then, among them the April 19 EasyFi hack, in which $6 million in stablecoins and nearly three million EZ coins then worth $120 million were stolen. 
Poly Network also said it would “take legal action” to retrieve the stolen funds.

Poly Network allows the transfer of tokens between nine blockchains at present, including Bitcoin, Ethereum, Neo, Ontology, Elrond, Ziliqa, Binance Smart Chain, Switcheo and Huobi ECO Chain. 

Both the Poly Network and the O3 Swap protocol have suspended cross-chain swaps.

The Stolen Funds

It listed three wallet addresses on the Ethereum, Binance Smart Chain, and Polygon blockchains that it said had received the stolen funds. These are:

ETH: 0xC8a65Fadf0e0dDAf421F28FEAb69Bf6E2E589963

BSC: 0x0D6e286A7cfD25E0c01fEe9756765D8033B32C71

Polygon: 0x5dc3603C9D42Ff184153a8a9094a73d461663214

The Ethereum wallet had $273 million in ether and nine other cryptocurrencies, including USD Coin, Wrapped Ether, Wrapped Bitcoin, and Tether, according to Etherscan.
The BSC wallet had $254 million in four Binance-Peg currencies: USD Coin, Ether, Bitcoin, and the Binance USD stablecoin, according to BscScan.
The Polygon wallet had $85 million in USD Coin, according to Polygonscan.
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