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Top line
Hackers have reportedly breached the blockchain-based Poly Network platform and mined more than $ 600 million in cryptocurrency, the company said on Tuesday, marking the biggest hack ever in the warming decentralized financial space among investors.
Almost $ 300 million of ether was said to have been hacked.
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Highlights
“We are sorry to announce that #PolyNetwork has been attacked”, the company tweeted Tuesday morning, revealing that hackers had transferred hundreds of millions of dollars to separate cryptocurrency wallets.
Cryptocurrency wallet addresses leaked by Poly Network, a cross-chain interoperability network, show Tuesday morning transfers of 2,858 ether tokens worth around $ 267 million, 6,610 binance coins worth over $ 252 million and approximately $ 85 million in Polygon tokens.
The combined value of the stolen tokens on Tuesday morning was around $ 604 million, making it even bigger than the $ 460 million hack on the Mt. Gox cryptocurrency exchange that led to company bankruptcy and increased regulation in the nascent space about seven years ago.
Jay Hao, CEO of the OKEx cryptocurrency exchange, responded to the attack on Tuesday and noted the company “monitors the flow of parts and will [its] manage the situation better. “
Poly Network, which was founded by China’s $ 3.3 billion NEO cryptocurrency project, did not immediately respond to Forbes‘request for comment.
Crucial quote
“We call on affected blockchain and crypto exchange miners to blacklist tokens from above addresses,” Poly Network tweeted Tuesday.
Large number
103 billion dollars. This is the current market value of all decentralized financial tokens (like Polygon), according to crypto data website CoinGecko. The space first passed a valuation of $ 100 billion and peaked at around $ 150 billion in May before the larger crypto market collapsed by nearly 50%.
This is a developing story. Please check for updates.
Further reading
Ethereum Rises After Further Upgrade As Its Crypto Market Dominance Gets Bitcoin Advantage (Forbes)
SEC accuses crypto executives of allegedly fraudulent $ 30 million offers in first case against booming $ 100 billion space (Forbes)
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