Here’s How Hackers Stole Over $600 million in the Poly Network Attack

Poly Network

In the past forty-eight hours, cross-chain decentralized finance (DeFi) solution, Poly Network was hacked to the tune of over $600 million. 

Created by the Founder of NEO, the Poly Network discovered three wallet addresses the hackers used to siphon funds. 

It seems the hacker is a white hatter (one driven by ethics) as they returned several sums to Poly network.

It was, of course, after several calls on Twitter by the Poly Network team to key actors within the cryptocurrency community to blacklist the wallets the hackers used.

                                                                      The Poly Network Attack Took Careful Planning

From the nature of the attack, the Poly Network took a lot of planning and peering into the smart contracts that govern the Poly Network.

The hack involved exploiting a specific loophole. 

 This loophole has more to do with transaction execution than with other operations. 

It raises questions about the various security audits and other practices that protect the cryptocurrency space from such attacks. 

It also means that Poly Network’s internal security policies failed to spot the loophole that was used by the 

It Could be the Largest Cryptocurrency Hack in History

Going by the various antecedents of other hackers, this hack is currently the biggest heist in the history of the cryptocurrency space. 

It comes when cryptocurrencies and their underlying technologies are becoming a part of popular culture.

 They are receiving mainstream attention from the general public. 

It points to the fact that cross-chain applications are the soft underbelly of the decentralized finance (DeFi) space. They could be the new focal point for fresh attacks after the flash loan hacks that took the world by storm last year. 

The Cryptocurrency Space Steps In 

Tether CTO Paulo Ardoino had already indicated yesterday on Twitter that his team froze $33 million.

 On his part, Changpeng “CZ” Zhao indicated the Binance team is aware of the attack and is doing all it can to help.

 It shows that self-regulation and policing could help stem the tide of such attacks if the attackers are aware of such consequences. 

However, total cooperation from the other members of the cryptocurrency space may be far-fetched for now, as many complexities exist in implementing such industry-wide practices. 

What’s Next for Poly Network?

As the world watches the cryptocurrency space in fascination, Poly Network and other cross-chain services like it are in for hot summer as other attacks are likely to follow. 

On their own, distributed ledgers are secure. 

However, cross-chain services and exchanges can be insecure, as there are many complexities to consider when securing such services. 

Then again, this could be a field day for cryptocurrency insurance. 

For now, the Poly Network events are still unfolding. 

 

 

Here's How Hackers Stole Over $600 million in the Poly Network Attack 1
About the author

Christopher is the Blockchain/DeFi Editor for E-Crypto News he also writes frequently about Crypto Gaming and Gambling. He is the author of the book "Profitable Cryptocurrency Gambling and Gaming: A Complete Guide." A content developer, Crypto-Enthusiast, and tech-savvy individual. He is also a Superstar Content Developer, Strategy Demigod, and Standup Guy.

Related Posts

E-Crypto News Executive Interviews



bitcoin
Bitcoin (BTC) $ 43,445.00
ethereum
Ethereum (ETH) $ 3,060.77
cardano
Cardano (ADA) $ 2.20
tether
Tether (USDT) $ 1.01
binance-coin
Binance Coin (BNB) $ 346.75
xrp
XRP (XRP) $ 0.949578
solana
Solana (SOL) $ 145.28
usd-coin
USD Coin (USDC) $ 1.00
polkadot
Polkadot (DOT) $ 28.67
dogecoin
Dogecoin (DOGE) $ 0.204911
USD
EUR
GBP
bitcoinBitcoin (BTC)
$ 43,445.00
ethereumEthereum (ETH)
$ 3,060.77
tetherTether (USDT)
$ 1.01
bitcoin-cashBitcoin Cash (BCH)
$ 501.34
litecoinLitecoin (LTC)
$ 150.79
bitcoinBitcoin (BTC)
37.068,79
ethereumEthereum (ETH)
2.611,56
tetherTether (USDT)
0,861767
bitcoin-cashBitcoin Cash (BCH)
427,76
litecoinLitecoin (LTC)
128,66
bitcoinBitcoin (BTC)
31,746.43
ethereumEthereum (ETH)
2,236.59
tetherTether (USDT)
0.738034
bitcoin-cashBitcoin Cash (BCH)
366.34
litecoinLitecoin (LTC)
110.19

Automated trading with HaasBot Crypto Trading Bots

Crypto Scams

Crypto Scams
Crypto Scams Still Persistent In 2021, SEC Warns About Red Flags To Watch
September 9, 2021
The World’s Most Infamous Crypto Hacks and Scams
July 31, 2021
Cryptocurrency Exchanges
Cryptocurrency Exchanges and the Plague of Scams and Bans
June 29, 2021
What Role Do Cryptocurrencies Play In The Era Of Ransomware Attacks?
June 9, 2021
Crypto Scams On The Rise As Market Enters Bull Cycle
Crypto Scams On The Rise As Market Enters Bull Cycle
December 22, 2020

Blockchain/Cryptocurrency Questions and Answers

Beginner’s Guide to Investing in Cryptocurrency
August 9, 2021
Short-Sell Cryptocurrency
How to Short-Sell Cryptocurrency: A Brief Overview
July 17, 2021
Klaytn
What Is Klaytn (KLAY) And How Does It Work?
July 16, 2021
Cryptocurrencies
Our Crypto Roundup Interview Asks- Do Cryptocurrencies Have a Future?
July 15, 2021
Solana
What Is Solana (SOL) And How Does It Work?
June 26, 2021


CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin43,332 0.27 % 0.05 % 8.53 %
Ethereum3,039.2 0.51 % 0.31 % 8.89 %
Cardano2.180 0.62 % 3.93 % 4.87 %
Tether0.9986 0.03 % 0.08 % 0.23 %
Binance Coin345.06 0.06 % 0.97 % 15.81 %
XRP0.9432 0.13 % 0.01 % 10.09 %
Solana143.33 1.15 % 3.43 % 6.52 %
USD Coin1.000 0.04 % 0.06 % 0.18 %
Polkadot30.87 2.19 % 17.29 % 10.73 %
Dogecoin0.2033 0.45 % 1.72 % 13.30 %

bitcoin
Bitcoin (BTC) $ 43,445.00
ethereum
Ethereum (ETH) $ 3,060.77
cardano
Cardano (ADA) $ 2.20
tether
Tether (USDT) $ 1.01
binance-coin
Binance Coin (BNB) $ 346.75
xrp
XRP (XRP) $ 0.949578
solana
Solana (SOL) $ 145.28
usd-coin
USD Coin (USDC) $ 1.00
polkadot
Polkadot (DOT) $ 28.67
dogecoin
Dogecoin (DOGE) $ 0.204911