The Recent Attack on Poly Network
Poly Network, a cross-chain decentralized finance (DeFi) platform, announced on Twitter that it had halted operations due to a recent attack. The exploit affected 57 cryptocurrencies on 10 blockchains, and users were advised to withdraw liquidity from decentralized exchanges. This is not the first time Poly Network has been hacked, as it experienced a similar incident in 2021 where around $600 million worth of digital assets were drained.
Key Points:
- Poly Network has requested assistance from cybersecurity professionals and individuals with relevant knowledge to address the recent attack.
- 57 cryptocurrencies, including Shiba Inu (SHIB) and Dai (DAI), were affected by the exploit.
- The attacker managed to mint an amount worth $34 billion, but they were unable to withdraw it due to a lack of liquidity.
- The breach was not complex, and the attacker used keys to sign proof that they were owed Binance Coin (BNB). The total realized gain for the attacker was approximately $5.5 million.
- Poly Network intends to collaborate with centralized exchanges and law enforcement agencies to resolve the issue and hopes that the stolen assets will be returned.
CZ’s Response and Previous Hack
Changpeng Zhao (CZ), the CEO of Binance, commented on the recent attack. He shared figures indicating that the Poly Network hackers had sold various cryptocurrencies. He assured Binance users that the incident would not impact them since the platform does not support deposits from the compromised protocol. Binance has also provided assistance to Poly Network in addressing the problem.
Poly Network has a history of major hacks, including the $600 million exploit in 2021. The attackers returned some of the drained assets, claiming they did it for fun and to expose vulnerabilities in the network. However, they later returned the full amount.
Hot Take
Poly Network’s recent attack highlights the ongoing security challenges faced by DeFi platforms. While the team is taking steps to address the issue and recover stolen assets, these incidents undermine trust in the industry. It is crucial for platforms to continuously strengthen their security measures and collaborate with relevant stakeholders to protect user assets.
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