DeFi Protocol PolyNetwork Suffers Major Attack, Over $600 Million Worth of Crypto Stolen

In what could be termed the biggest hack in the DeFi space, cross-chain interoperability DeFi protocol, PolyNetwork, has just suffered an attack, losing over $600 million worth of digital assets.

In a tweet from the platform on Tuesday, PolyNetwork disclosed that it had experienced a major security breach on its platform, resulting in the loss of cryptocurrencies worth a whopping $611 million.

As per the announcement, the hackers had transferred the digital assets to three different wallet addresses belonging to them, an Ethereum, Binance Smart Chain, and Polygon wallet address, which have already been identified.

The Ethereum wallet currently contains about 2,845 $ETH tokens worth $273 million, the Binance Smart Chain wallet contains 6,616 BNB tokens worth $253 million, and the Polygon wallet contains 25 tokens worth $85 million.

The Crypto Community Spring into Action

PolyNetwork has urged all crypto exchanges to immediately blacklist every token that is coming from any of the three identified wallet addresses.

“We call on miners of affected blockchain and crypto exchanges to blacklist tokens coming from the above addresses.”

Springing into action, Tether immediately froze about $33 million worth of USDT associated with the hack.

Jay Hao, the CEO of Seychelles-based crypto exchange, OKEx, added that the platform is keeping an eye on the “flow of coin” on its platform.

Changpeng Zhao (CZ), the CEO of the leading cryptocurrency exchange in the world, Binance, also said in a tweet that his team will do their best to help track the hackers down.

He said,

“We are aware of the [poly.network] 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.”

On the other hand, PolyNetwork has also urged the hackers to return the stolen funds as it is planning to take legal actions.

Just last month, DeFi project FinNexus lost about $7.6 million worth of digital assets in an alleged security breach.

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