Another Blow to Poly Network
In August 2021, the decentralized financial platform, Poly Network, suffered a massive cyber attack. A programming flaw was exploited, leading to the theft of over $600 million in digital tokens. Today, the network faces another attack, with the hackers exploiting the smart contract and minting billions of various tokens on different blockchains.
Tokens Galore: Billions Minted
The hackers generated a whopping 24 billion Binance USD (BUSD) and BNB on the Metis blockchain and 999 trillion Shiba Inu (SHIB) on the Heco blockchain, among other tokens on various networks.
According to the latest insights from the cryptocurrency tracking platform, MistTrack, the hackers have successfully converted over $4.39 million worth of cryptocurrencies. This has been done using exchanges such as KuCoin, Tornado Cash, Uniswap, PancakeSwap, FixedFloat, ChangeNOW, Wing, and OpenOcean.
The analysis shows the hackers swapped stolen tokens like sUSD, RFuel, COOK, and others for mainstream assets worth $1.22 million on platforms like Uniswap and PancakeSwap. The remainder of the funds is dispersed across more than 60 addresses on multiple chains and remains untouched.
Also Read: North Korean Hackers Allegedly Steal Billions in Cryptocurrency
Analysis and Actions
The root cause analysis of the attack is ongoing. Meanwhile, the addresses linked to the hackers have been blocked to prevent further transactions.
This incident highlights the urgency for stringent security measures and vigilant monitoring in the world of decentralized finance. It also underscores the need for swift action when such incidents occur, to protect user funds and maintain trust in these platforms.
This attack on Poly Network comes amid a series of recent cyber attacks on crypto platforms, emphasizing the importance of robust cybersecurity measures in the digital asset sector.
