PolyNetwork Suffers Record-Breaking $600.3 Million Hack

Aug 10, 2021 | Decrypt News | 0 comments

polynetwork-suffers-record-breaking-$600.3-million-hack

Multi-chain interoperability protocol Poly Network fell victim to an exploit today, resulting in the loss of roughly $600 million worth of various cryptocurrencies, the platform’s developers revealed.

“We are sorry to announce that #PolyNetwork was attacked on @BinanceChain @ethereum and @0xPolygon,” the developers also stated in Poly Network’s Telegram channel. “We call on miners of affected blockchain and crypto exchanges to blacklist tokens coming from the above addresses.”

According to the announcement, there are currently three known addresses that allegedly belong to attackers: Ethereum (which currently holds $264.8 million worth of crypto), Binance Smart Chain ($250.8 million), and Polygon ($85 million).

As such, this could very well be the largest cryptocurrency hack so far. The previous “record” was held by exchange Coincheck which lost about $530 million to hackers in January 2018.

What’s more, because PolyNetwork is an interoperability protocol, there may well be other projects that use PolyNetwork that are also affected. The protocol’s website features dozens of other crypto projects with which it is integrated.

This story is breaking and will be updated as new information emerges.

News Source from Decrypt.co

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