Poly Network hack exposes DeFi flaws, but community comes to the rescue
The DeFi hacker’s initial intentions remain unclear, but they refused to accept a $500,000 bounty after returning all funds. Although it seemed crypto hacks were on the decline, just recently, the market bore witness to one of the largest-ever attacks in the young history of decentralized finance (DeFi), wherein an unknown hacker was able to exploit a loophole in cross-chain protocol Poly Network’s digital framework, thereby walking away with a cool $610 million from three separate blockchains.The Poly Network is a collaborative project helmed by Ontology, Neo and Switcheo. It seeks to....
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On August 10, the decentralized finance (defi) project Poly Network suffered a loss of over $600 million according to various reports. The hack follows a recent Ciphertrace report on how defi-related hacks and fraud in 2021 have already surpassed 2020. The Poly Network hack on Tuesday is well above the entire year’s worth of defi hacks. $600 Million Drained, Poly Network Defi Hack Eclipses 2021’s Defi Hacks This week, the blockchain analysis and intelligence company Ciphertrace published a report that shows $474 million was lost to defi-related hacks and fraud. The findings....
$258 million worth of stolen crypto assets have been returned so far and the hacker claims they are keeping the rest of the funds safe while they negotiate with Poly. The Poly Network hacker has now returned $258 million to the cross-chain DeFi protocol and conducted a question and answer session detailing how the initial hack went down. In what is being described as the largest DeFi hack to date, the Poly Network suffered a $612 million exploit on Aug. 10 which saw the hacker steal assets from Ethereum, Binance Chain and the Polygon Network.Tom Robinson, the chief scientist at blockchain....
On Tuesday, the decentralized finance (defi) project Poly Network was hacked for over $600 million in digital assets. The attack was the largest defi hack to date eclipsing all of 2021’s defi hacks combined. The very next day, however, the hacker started to send funds back to the Poly Network team as the project’s official Twitter account says it received $4.7 million so far. **Editor’s note: As of 1:45 p.m. (EDT) the hacker has returned $260 million in tokens. White Hat Hacker Communicates With Poly Network Attacker The Poly Network hack will go down in history as one of....
Two days after the notorious Poly Network hack, the hacker continues to send funds back to the project. On August 12, the Poly Network hacker so far has returned millions worth of ether, thousands of uni tokens, 1,032 wrapped bitcoins, and 96 million in stablecoins. The day prior, after returning $260 million in tokens, the hacker explained that the Poly Network has “well enough assets to start the recovery phase.” Poly Network Hacker Returns a Number of Defi Tokens On August 10, Bitcoin.com News reported on the massive decentralized finance (defi) hack that plagued the Poly....
The Ethereum based bridge Ronin was hacked for $600 million in digital assets or 173,600 ETH and $25 million in USDC. This attack has become the largest in the history of decentralized finances (DeFi), surpassing the Poly Network hack which also exploited a bridge-rooted vulnerability. Related Reading | BadgerDAO Pulls A Poly Network As It […]