Summary:
PolyNetwork is still recovering from a recent hack where $5.5 million was stolen, despite the estimated value of the attack being $34 billion. The developers have suspended all smart contracts to address the breach. Several blockchain security firms, including SlowMist, Binance Labs, Dedaub, and Peckshield, have offered assistance with investigations. Dedaub conducted a technical assessment and found that PolyNetwork’s wallet security was risky, with compromised private keys. They also noted that it took seven hours for PolyNetwork to stop the smart contracts, which is a significant amount of time considering the damage that could be done in minutes. The hack affected over 50 assets on 10 different blockchains, with Metis, BSC, Heco, and Ethereum being the most affected. Dedaub suggests that the hack may have been an inside job, based on their findings. Arhat, founder of 3z3 Labs, has also conducted an analysis pointing to a smart contract vulnerability as the cause of the hack. Further investigation is ongoing to uncover more details and the extent of the damage.
Key Points:
– PolyNetwork is still recovering from a recent hack where $5.5 million was stolen, despite the estimated value of the attack being $34 billion.
– The developers have suspended all smart contracts to address the breach.
– Several blockchain security firms have offered assistance with investigations.
– Dedaub conducted a technical assessment and found that PolyNetwork’s wallet security was risky, with compromised private keys.
– The hack affected over 50 assets on 10 different blockchains, with Metis, BSC, Heco, and Ethereum being the most affected.
Hot Take:
The PolyNetwork hack highlights the need for robust wallet security in the blockchain industry. This incident shows the potential damage that can be caused by compromised private keys and the importance of prompt action to prevent further harm. The investigation into the hack and its potential status as an inside job raises concerns about the overall security and trustworthiness of blockchain platforms. It’s crucial for developers and users to remain vigilant and implement necessary security measures to protect their assets in an increasingly vulnerable digital landscape.
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