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Hackers Steal $600M from Poly Network in Biggest DeFi Hack Ever

cryptoknowmics.com 11 August 2021 11:30, UTC

In what may be the biggest hack in cryptocurrency’s history, unknown hackers allegedly breached blockchain-based platform Poly Network and extracted more than $600 million in cryptocurrencies.

Hackers Steal $600M from Poly Network

The attackers reportedly stole $273 million in Ethereum tokens, $253 million on Binance Smart Chain, and $85 million on USD Coin and held in several cryptocurrencies, such as wrapped Ether (WETH), wrapped Bitcoin (WBTC), Shiba Inu (SHIB), USDC, and others.

Shortly after, Blockchain-based security firm SlowMist also published a report claiming that they have identified the attacker’s email, IP, and device fingerprint and was working on tracking additional identity clues.

Issuing a communication letter addressed to the hacker, Poly Network asked to return the stolen crypto, saying:

“The amount of money you hacked is the biggest one in the defi history. Law enforcement in any country will regard this as a major economic crime and you will be pursued. It is very unwise for you to do any further transactions. The money you stole is from tens of thousands of crypto community members, hence the people. You should talk to us to work out a solution.”

Biggest Hack in DeFi's History

While the attacker successfully managed to move the funds, tokens such as Tether blacklisted $33 million worth of USDT on the Ethereum platform, eliminating the possibility of moving the funds. However, the attacker did manage to convert a large portion of the funds, except for the centralized stablecoins.

The DeFi protocol Poly network protocol is used for swapping tokens across blockchains like Bitcoin, Ethereum, and Ontology that was formed as an alliance between Neo, Ontology, and Switcheo. The platform's recent attack is the largest hack in DeFi's history as it accounts for over 58.2% of the market cap of all DeFi-based tokens.

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