Although networks are known for their security, this does not always prevent malicious people from circumventing it. Once again, Poly Network is the target of an attack that has compromised numerous assets. As a result, it could temporarily interrupt its services.
Poly Network victim of a DeFi exploit
Poly Network users may well be deprived of any transactions on the network for the next few hours. This would be the result of the hack that the platform suffered recently. Indeed, according to the details, the cross-chain bridge platform is the newest victim of a DeFi exploit.
In a July 2 article, Poly Network confirmed that hackers have managed to infiltrate the network. The latter, after manipulation of a function of smart contracthave managed to issue billions of tokens out of thin air.
According to the team’s revelations, the exploit affects 57 tokens as well as 10 blockchains. In particular, BNB Chain, Avalanche, Polygon, Metis, Ethereum or even OKx. Given the seriousness of the situation, Poly Ntework intends to temporarily interrupt its services in order to resolve the problem. But first, he urges users and the team to withdraw liquidity and unlock their LP tokens.
A loss of more than 5 million dollars stolen
Poly Network’s communication mentions the exploit, but not the amount stolen. If the platform did not want to talk about it, Peckshield did just the opposite. Indeed, he declared that the hacker allegedly transferred more than $5 million in cryptos.
According to a DeFi security analyst, this exploit comes from the failure of a smart contract which would have allowed the attacker to create a malicious program. Once accepted, the hacker was able to bypass the verification process.
From there, he only had to commit his crime. By the time the team uncovered the scam, the hacker’s wallet contained nearly $42 billion in tokens. However, he only stole a fraction of it.
Although Poly Network limited breakages, Dedaub finds the team slow to respond. Indeed, it took him about seven hours to respond, costing him a loss of $5.5 million. The second quarter seems to be favorable to attacks and scams Challenge. This phenomenon raises a reflection: why so many hacks?
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