Hackers have stolen more than $600 million in Ethereum and other cryptocurrencies by breaching blockchain-based platform Poly Network, the company confirmed through a tweet on Tuesday.
Hackers have stolen more than $600 million in Ethereum and other cryptocurrencies by breaching blockchain-based platform Poly Network, the company confirmed through a tweet on Tuesday. This is the biggest hack ever in the decentralised finance or DeFi space till now. Poly Network is a platform that allows users to exchange crypto tokens and has confirmed that thousands of investors have been affected by this latest crypto theft.
“We are sorry to announce that #PolyNetwork was attacked,” Poly tweeted Tuesday morning, confirming that millions of dollars have been stolen from crypto investors. It also shared the addresses of the attackers to which the stolen amount was transferred.
“We call on miners of affected blockchain and crypto exchanges to blacklist tokens coming from the above addresses,” the platform, which was formed by an alliance between the teams behind multiple blockchain platforms – Neo, Ontology, and Switcheo, said. It has asked hackers to return the assets while adding that legal action will be taken against those involved.
Ethereum is believed to be the most affected cryptocurrency in the theft. Hackers have stolen $273 million in assets was taken in Ethereum tokens, $253 million in tokens on Binance Smart Chain, and $85 million in U.S. Dollar Coin (USDC) tokens on the Polygon network. . About $33 million of the stablecoin Tether that was a part of the theft has been frozen by Tether’s issuer soon after the attack. This means that these tokens cannot be used by hackers.
The attack is being seen as the largest in the relatively young crypto space which has been facing multiple challenges over the past few months.
“We are aware of the poly. network exploits that occurred today. While no one controls BSC (or ETH), we are coordinating with all our security partners to proactively help. There are no guarantees. We will do as much as we can,” tweeted Changpeng Zhao, CEO of Binance, a cryptocurrency exchange.
Poly Network said a preliminary investigation found a hacker exploited a “vulnerability between contract calls”. This kind of hack in the DeFi space has become a major concern for investors. There have been multiple instances since the beginning of this year but, in no case, the amount stolen was as much.
DeFi lender Blockchain Credit Partners and two of its top executives were charged last week by the US Securities and Exchange Commission (SEC) for raising $30m through allegedly fraudulent offerings.