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Hackers Steal $611 Million in Crypto from China-Based Poly Network

Hackers Steal $611 Million in Crypto from China-Based Poly Network-sensorstechforum
Poly Network, a China-based cryptocurrency platform for exchanging tokens across multiple blockchains, was a victim of an attack due to a vulnerability in its system.

As a result, the staggering amount of $611 million worth of cryptocurrency were siphoned from the platform. The attack is definitely one of the biggest heists in the crypto world.

Related: Panda Stealer Malware Is After Your Cryptocurrency Wallet




Poly Network Attack: What Happened?

On Tuesday, August 10, Poly Network disclosed in a tweet that assets had been transferred to hacker’s following addresses: ETH: 0xC8a65Fadf0e0dDAf421F28FEAb69Bf6E2E589963 BSC: 0x0D6e286A7cfD25E0c01fEe9756765D8033B32C71.

The company is currently trying to establish communication with the hacker, as evident by an open letter it shared on Twitter. The company calls the attack “a major economic crime”:

poly network attack-sensorstechforum

To carry out the heist, the attacker exploited a flaw between contract calls.

The stolen Binance Chain, Ethereum, and Polygon assets were transferred to three separate wallets. The platform is currently encouraging affected miners to blocklist tokens coming from the said addresses:

Ethereum: 0xC8a65Fadf0e0dDAf421F28FEAb69Bf6E2E589963 ($273 million)
Binance Smart Chain: 0x0D6e286A7cfD25E0c01fEe9756765D8033B32C71 ($253 million)
Polygon: 0x5dc3603C9D42Ff184153a8a9094a73d461663214 ($85 million)

According to the latest updates, it seems that the hacker returned $1 million in USD Coin (USDC) on the Polygon blockchain, $1.1 million in BTCB, $2 million in the Shiba Inu ERC-20 token, and $622,243 FEI USD stablecoins. Before returning the stolen funds, the hacker created a token called “The hacker is ready to surrender,” sending it to the said Polygon wallet address.

Milena Dimitrova

An inspired writer and content manager who has been with SensorsTechForum since the project started. A professional with 10+ years of experience in creating engaging content. Focused on user privacy and malware development, she strongly believes in a world where cybersecurity plays a central role. If common sense makes no sense, she will be there to take notes. Those notes may later turn into articles! Follow Milena @Milenyim

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