On Sunday, a security breach caused $10 million in ether to be stolen from Poly Network.
According to the most recent statistics compiled by security company Beosin, an unnamed attacker was able to swap out over $10 million worth of ether in profits after a security assault on Poly Network this past Sunday.
According to the Poly Network, the attacker was able to create 57 tokens in various quantities across all blockchains. The list featured such notables as Ethereum, BNB Chain, Metis, and Polygon.
Beosin added that after the vulnerability, the hacker’s virtual wallet had an on-paper worth of more than $34 billion. However, the attacker did not benefit financially from this value because of the extreme absence of liquidity in the impacted networks.
Beosin pointed out that just around 5,196 ether (ETH), or about $10.1 million, had been traded for the newly created tokens on the Ethereum and Binance Smart Chain networks.
Instead of targeting a particular flaw in the contract’s logic, Beosin and Dedaub’s security researchers hypothesised that the assault on Poly Network was motivated by the loss or compromise of private keys utilised in the platform’s primary smart contract. They said that the core smart contract for the project, which is powered by private keys for four administrative wallets, had been hacked. There has been no response to this accusation from the Poly Network team as of yet.
For Poly Network, this is the second big security breach in as many years. One of the greatest crypto heists to date occurred in 2021 when $611 million worth of assets were stolen from the project and eventually returned.
The Poly Network team has suggested that the affected projects remove liquidity from decentralized exchanges (DEX) and has asked users who are in possession of the concerned assets to release them and reclaim the LP tokens associated with them. In addition, the team urged the attacker to restore the user’s property to “avoid any potential legal consequences.”
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