On July 2nd, Poly Network, an interoperability platform halted its services after facing a significant hack that affected more than 57 assets across many blockchain platforms.
A significant attack on the Poly Network occurred over the weekend, with hackers exploiting billions of tokens by taking advantage of a flaw in the cross-chain bridge protocol.
On numerous blockchains, the hackers generated significant sums of various digital currencies, including BUSD, SHIB and BNB.
Additionally, they were successful in producing 999 trillion SHIB on the Heco blockchain, 24 billion BUSD and BNB on Metis and millions on other chains.
The hacker’s wallet contained a total of about $43 billion in cryptocurrencies at a particular time. However, it is challenging for them to sell these coins and generate big profits due to the restricted market demand.
The monetary gains from the hack are currently believed to be between $400,000 and $4 million.
The statement was made on July 2, by the Poly Network, that states, “Dear Users, we regret to notify you that our operations will remain temporarily paused while we work to resolve this issue. We respectfully ask for the support of cybersecurity experts and knowledgeable people. We strongly urge you to actively get in touch with us if you have any knowledge that could help us in this quest.”
As stated, Poly Network attack has affected a total of 57 assets on 10 different blockchain networks. The Poly Network has also seen many significant hacks in the past.
Bridges became a lucrative target for hackers in August 2021. Additionally, in 2021, a significant hack that cost Poly Network $600 million and stole money from Polygon, BNB Smart Chain and Ethereum attracted a lot of press coverage.
Therefore, Poly Network took action to compensate customers who suffered monetary losses after recovering $342 million of the stolen bitcoin.
