The decentralized finance (DeFi) cross-chain protocol Poly Network has suffered another major hack involving dozens of crypto assets.
Poly Network acknowledged the exploit on Saturday and suspended its services, noting that 57 different crypto assets on 10 different blockchains had been impacted.
Blockchain security firm Beosin notes that the hacker used forged proofs to launch withdrawal operations on cross-chain bridge contracts.
Fellow blockchain security firm PeckShield points to a certain wallet that had over $42 billion worth of crypto assets on July 2nd as the possible Poly Network exploiter.
Hi @PolyNetwork2 , you may want to take a look:https://t.co/cmbxAsFPGLhttps://t.co/4cqVV6EryK
— PeckShield Inc. (@peckshield) July 2, 2023
Analytics platform Etherscan also tags the address as “PolyNetwork Exploiter 3.”
Blockchain security infrastructure firm BlockSec analyzed the hacker’s actual profit statistics on Ethereum (ETH) and the BNB Smart Chain (BSC).
“The profit on ETH is approximately $5.3 million, of which $4.3 million exists in the form of ETH. The profit on BSC is approximately $232 million based on the price at the time of transfer, but the majority of it has not been swapped yet. There should not exist enough liquidity in DEX (decentralized exchange) pools, so the real profit should be much smaller.”
Poly Network also suffered a massive $643 million hack in August 2021. The exploit was allegedly conducted by a pseudonymous attacker known as Mr. White Hat. Shortly after the incident occurred, Poly Network began working with the hacker to retrieve the stolen crypto assets.
After receiving the last $33 million that was locked up in the stablecoin Tether (USDT), Poly Network announced it had successfully recovered all of the stolen funds.
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