{"id":135167,"date":"2021-08-11T08:36:10","date_gmt":"2021-08-11T08:36:10","guid":{"rendered":"https:\/\/precoinnews.com\/?p=135167"},"modified":"2021-08-11T08:36:10","modified_gmt":"2021-08-11T08:36:10","slug":"largest-defi-hack-611-million-stolen-from-poly-network","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/largest-defi-hack-611-million-stolen-from-poly-network\/","title":{"rendered":"Largest DeFi Hack: $611 Million Stolen from Poly Network"},"content":{"rendered":"

The vulnerability of blockchain infrastructure has been highlighted again as $611 million worth of cryptocurrencies were siphoned from cross-chain protocol, Poly Network on Tuesday, making it one of the largest crypto heists to date.<\/span><\/p>\n

Launched by the founder of the Chinese blockchain project Neo, Poly Network enables swapping of tokens on the Binance Smart Chain, Ethereum and Polygon blockchains. All three blockchains were targeted on Tuesdays\u2019 attack.\u00a0<\/span><\/p>\n

Poly team has identified and published the three addresses where the attackers stored the stolen funds.<\/span><\/p>\n

\nImportant Notice:
\nWe are sorry to announce that #PolyNetwork was attacked on @BinanceChain @ethereum and @0xPolygon Assets had been transferred to hacker’s following addresses:
\nETH: 0xC8a65Fadf0e0dDAf421F28FEAb69Bf6E2E589963
\nBSC: 0x0D6e286A7cfD25E0c01fEe9756765D8033B32C71<\/p>\n

\u2014 Poly Network (@PolyNetwork2) August 10, 2021<\/p>\n<\/blockquote>\n

Blockchain scanning platform data of the three addresses shows that $273 million in Ether were stolen, along with $253 million in tokens from the Binance Smart Chain and $85 million in USDC on the Polygon network.<\/span><\/p>\n

Actions After the Hack<\/span><\/h2>\n

The Poly team has already requested miners to block the transactions originating from the three addresses, and the community is following through. Tether has already blacklisted the USDT tokens on Ethereum that constitute roughly $33 million in the stolen proceeds.<\/span><\/p>\n

\u201cWe call on miners of affected blockchain and crypto exchanges to blacklist tokens coming from the above addresses,\u201d the Poly team tweeted.<\/span><\/p>\n

Additionally, Binance CEO Changpeng Zhao assured coordination with Poly, but highlighted that no one controls the blockchains and \u2018there are no guarantees’.<\/span><\/p>\n

\nWe are aware of the https:\/\/t.co\/IgGJ0598Q0 exploit that occurred today. While no one controls BSC (or ETH), we are coordinating with all our security partners to proactively help. There are no guarantees. We will do as much as we can. Stay #SAFU. \ud83d\ude4f https:\/\/t.co\/TG0dKPapQT<\/p>\n

\u2014 CZ \ud83d\udd36 Binance (@cz_binance) August 10, 2021<\/p>\n<\/blockquote>\n

Around an hour after the attack, the hackers tried to move cryptos including USDT through the ETH address in liquidity pool Curve.fi, but the transaction was rejected. However, another $100 million in assets were moved from the Binance Chain and deposited into liquidity pool Ellipsis Finance.<\/span><\/p>\n

Though the exact way of breaching the protocol security is not yet known, several blockchain investigation companies have already initiated probes. According to Chinese blockchain security firm, BlockSec, the attack might have been triggered with the leak of private keys or through a bug during Poly\u2019s signing process.<\/span><\/p>\n

Another Chinese security firm, Slowmist, identified that the attackers used the privacy token Monero as their original funds, which obtained the information from its Chinese exchange partner, Hoo. Furthermore, the company claims that it has identified the attackers\u2019 email address, IP information and device fingerprint.<\/span><\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The vulnerability of blockchain infrastructure has been<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"\nLargest DeFi Hack: $611 Million Stolen from Poly Network - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/crypto\/largest-defi-hack-611-million-stolen-from-poly-network\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Largest DeFi Hack: $611 Million Stolen from Poly Network - Pre Coin News\" \/>\n<meta property=\"og:description\" content=\"The vulnerability of blockchain infrastructure has been\" \/>\n<meta property=\"og:url\" content=\"https:\/\/precoinnews.com\/crypto\/largest-defi-hack-611-million-stolen-from-poly-network\/\" \/>\n<meta property=\"og:site_name\" content=\"Pre Coin News\" \/>\n<meta property=\"article:published_time\" content=\"2021-08-11T08:36:10+00:00\" \/>\n<meta name=\"author\" content=\"mediabest\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mediabest\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/precoinnews.com\/crypto\/largest-defi-hack-611-million-stolen-from-poly-network\/\",\"url\":\"https:\/\/precoinnews.com\/crypto\/largest-defi-hack-611-million-stolen-from-poly-network\/\",\"name\":\"Largest DeFi Hack: $611 Million Stolen from Poly Network - 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