Poly Network Hacked and crypto losses estimated at 600 million USD | Unlock Blockchain

Security & Audits

Poly Network Hacked and crypto losses estimated at 600 million USD

August 11, 2021

2 min

Poly Network which transfers cryptocurrency was hacked with hackers making off with 600 million USD worth of cryptocurrencies. Poly Network put out a plea for the stolen Ethereum, BinanceChain and OxPolygon tokens to be shunned by traders running "wallets" for storing cryptocurrency.

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In a tweet Poly Network stated, "The amount of money you hacked is the biggest one in the DeFi history, The money you stole are from tens of thousands of crypto community members."

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Security

Security Incident

Ethereum (ETH)

ECO

Binance

ORG

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Poly Network threatened police involvement, but also offered the hackers the chance to "work out a solution." The US Department of Justice and FBI did not immediately respond to requests for comment.

Poly Network posted online addresses used by the hackers, and called on "miners of affected blockchain and crypto exchanges to blacklist tokens" coming from them. Twitter users weighed in with calculations valuing the hackers´ haul at some $600 million. As of the end of April, cryptocurrency thefts, hacks and fraud so far this year totaled $432 million, according to an analysis by CipherTrace.

"While this number may appear to be small when compared to previous years, a deeper look reveals an alarming new trend -- DeFi-related hacks now make up more than 60 percent of the total hack and theft volume," CipherTrace said in a posted report.

That compares to 2019, when DeFi hacks were virtually non-existent, according to CipherTrace.