Poly Network, a cross-chain protocol, has notified users of an exploit that resulted in the theft of over $600 million in assets by hackers.
Poly Network revealed Tuesday that it had been hacked, resulting in the loss of over $600 million in assets across the Binance Smart Chain, Ethereum mainnet, and the Polygon network.
Poly Network also requests that miners and cryptocurrency exchanges blacklist tokens coming from the hacker’s addresses in the same Twitter thread. Additionally, Poly Network has threatened legal action against the hackers, pleading with them to return all stolen property.
The amount stolen is estimated to be at least $264 million on Ethereum, $250 million on the Binance Smart Chain, and an additional $85 million on Polygon. Due to the fact that Poly Network is a multi-chain protocol that is used by numerous projects, the full extent of the damage may not yet be known.
As word of the hack spread online, members of the cryptocurrency community reacted quickly. Moments before the hacker attempted to deposit the stolen funds into Curve Finance, Tether’s Chief Technology Officer Paolo Ardoino blacklisted the hacker’s IP address, effectively freezing the USDT funds. Regrettably, the hacker was still able to transfer some USDC funds to Curve’s stablecoin pool, rendering recovery nearly impossible.
While the Poly Network hack appears to be one of the largest instances of cryptocurrency theft in history, it may also rank highly in comparison to the world’s greatest heists. Only one other incident appears to have resulted in a greater loss of money when Saddam Hussein’s son stole $930 million from the Bank of Iraq just before the 2003 Iraq invasion.
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