Poly Network was just hacked for at least $611 million worth cryptocurrencies. It is by far the biggest hack in the decentralized finance (DeFi) market ever and even one of the biggest thefts in the entire crypto market ever.
Important Notice:
We are sorry to announce that #PolyNetwork was attacked on @BinanceChain @ethereum and @0xPolygon Assets had been transferred to hacker’s following addresses:
ETH: 0xC8a65Fadf0e0dDAf421F28FEAb69Bf6E2E589963
BSC: 0x0D6e286A7cfD25E0c01fEe9756765D8033B32C71— Poly Network (@PolyNetwork2) August 10, 2021
Poly Network is a cross-chain protocol and connects large blockchain networks together for DeFi functionalities. As a result, tokens have been stolen from at least three platforms: Ethereum (ETH), Polygon (MATIC) and the Binance Smart Chain (BSC). These blockchains themselves appear to be unaffected, but other cross-chain bridges like O3 have already shut down certain functionalities just to be safe:
O3 Swap cross-chain function is currently suspended due to the Poly Network was hacked. We are in contact with the team. Please be patient to back to full functionality.
The non-cross-chain function is available and can be used normally. https://t.co/rpl9lMjaS9— O3Labs (@O3_Labs) August 10, 2021
Among others is $611 million in wrapped bitcoin (WBTC), wrapped ethereum (WETH), tether (USDT) renbtc (RENBTC), dai (DAI), uniswap (UNI), shiba inu (SHIB), fei (FEI), binance coin (BNB) and binance usd (BUSD) stolen. There may be more to come.
Poly Network pleads miners in cryptocurrency-exchanges to block and blacklist the stolen crypto. The crypto community seems to be springing into action quickly. Changpeng Zhao (CZ), CEO of Binance, says his team will help and also Jay Hao, CEO of OKEx, reports that he understands the situation closely monitored. Paolo Ardoino has already frozen $33 million USDT and apparently it was just in time:
Paolo, you king ????
Address got blacklisted right as attacker tried to deposit into Curve where it would unreachable. Just 9 blocks difference between transactions.
$30 million saved.
12997740 https://t.co/G9QiMFjbLc
12997749 https://t.co/CFxsVsQSVP
— banteg (@bantg) August 10, 2021
In related news, Reuters just happened to publish data from research firm CipherTrace on DeFi theft in 2021. $474 million was stolen from DeFi projects in 2021, but that didn’t add to the above story. So this could potentially be $1.1 billion in total by 2021.
— CipherTrace (@ciphertrace) August 10, 2021
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