Poly Network Hacked For Over $ 600 Million – Project Hacker Trolls Says ‘It Could Have Been A Billion’ – Bitcoin News

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Poly Network Hacked For Over $ 600 Million - Project Hacker Trolls Says

On August 10, the decentralized financing (challenge) Poly Network project suffered a loss of more than $ 600 million according to various reports. The hack follows a recent Ciphertrace report on how challenge-related hacks and fraud in 2021 have already passed 2020. The Poly Network hack on Tuesday is well above the full year’s worth of hacks from challenge.

$ 600 million drained, Poly Network Defi Hack eclipses 2021’s Defi Hacks

This week, blockchain intelligence and intelligence firm Ciphertrace released a report that shows $ 474 million was lost due to hackers and fraud related to the challenge. The results show how challenge hacks have reached record levels, but the Poly Network hack on Tuesday takes the cake.

At around 9:00 a.m. (EDT), Poly Network’s official Twitter account tweeted about the massive hack. “We are sorry to announce that Poly Network has been attacked”, the Twitter account noted and explained that the hacker was able to access funds on various channels.

The Poly Network project originally stems from the Neo project which operates three different blockchain networks. This means that the Poly Network hacker was able to obtain funds from the Polygon, Ethereum and Binance Smart Chain (BSC) protocols.

Stolen assets include a large number of tokens including ETH, DAI, UNI, SHIB, FEI, BUSD, BTCB, ETHB, BNB, USDT, etc. A big number of people assessed the situation on Twitter and although tedious, it is estimated that over $ 600 million in tokens have been stolen.

Hacker says it could have been more

Mudit Gupta “super-coder” sushiwap claims that the problem was not a “smart contract challenge or hack, but a traditional key compromise combined with irresponsible design decisions made by Poly Network”. Tether Limited has frozen USDT on the Ethereum chain which equates to roughly $ 33 million.

The team behind the Poly Network project also wrote a letter ask the pirate cooperate with the team. “We want to establish communication with you and urge you to return the pirated funds,” the letter read.

However, it does not appear that the hacker is willing to cooperate with the Poly Network project. Certain transaction messages that allegedly rod from the hacker and can be read on etherscan.io, details how the hacker is now trolling the project with a few statements.

“It would have been a billion hack if I had moved [the] sh ** remaining parts. Did I just save the project? Not so much interested in the money, now considering returning tokens or just leaving them here. The hacker’s message continued:

What if I create a new token and let the DAO decide where the tokens go?

What do you think of the $ 600 million hack challenge against the Poly Network project? What do you think of the hacker’s lagging comments? Let us know what you think of this topic in the comments section below.

Tags in this story

$ 600 million, $ 600 million, Binance Smart Chain, bnb, BSC, BTCB, BUSD, Ciphertrace, DAI, Defi Hack, ETH, ETHB, Ethereum chain, FEI, Frozen USDT, Hack, Hacker, Hacker Troll, Mudit Gupta , Neo Chain, Poly Network, Polygon Network, shib, Sushiswap encoder, UNI, USDT

Image credits: Shutterstock, Pixabay, Wiki Commons



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