A few weeks before the release of the final part of the popular Netflix series, ‘Money Heist’, the crypto community was rocked by an incident described as ‘Crypto Heist’.
Poly Network since last night became the focus of the mass media when it was reported to have been the victim of hacking, causing the loss of funds worth RM2.5 billion ($ 600 million) in the blink of an eye.
The incident was reported by Poly Network itself via its official Twitter account last night:
Important Notice:
We are sorry to announce that #PolyNetwork was attacked on @BinanceChain @ethereum and @0xPolygon Assets had been transferred to hacker's following addresses:
ETH: 0xC8a65Fadf0e0dDAf421F28FEAb69Bf6E2E589963
BSC: 0x0D6e286A7cfD25E0c01fEe9756765D8033B32C71
- Poly Network (@PolyNetwork2) August 10, 2021
Poly Network is a protocol that operates on the Binance Smart Chain (BSC), Ethereum (ETH), and Polygon (MATIC) blockchain.
Some funds from the three blockchains were transferred to the hacker's wallet address:
2,858 ETHs ($ 266.5 million) were transferred to the Ethereum address
6,610 BNB tokens worth over $ 252 million were transferred to the BSC wallet
A number of MATIC tokens worth $ 85 million were transferred to Polygon’s address
Also involves a large number of WBTC, WETH, RenBTC, DAI, UNI, SHIB, and FEI tokens
Based on the current value of the total assets seized reached a value of more than RM2.5 billion at the time this article was written.
Tether (USDT) was also targeted in the attack. A total of USDT worth $ 33 million was stolen, but Tether acted quickly by freezing the assets causing hackers to fail to use the funds.
At the same time, several major crypto exchanges have offered help and support: Binance, Huobi, and OKEx.
We are aware of the https://t.co/IgGJ0598Q0 exploit that occurred today. While no one controls BSC (or ETH), we are coordinating with all our security partners to proactively help. There are no guarantees. We will do as much as we can. Stay #SAFU. 🙏 https://t.co/TG0dKPapQT
- CZ 🔶 Binance (@cz_binance) August 10, 2021
The hacking attack on Poly Network made this incident the largest hacking case in the history of crypto. In fact, this is not the first time the DeFi sector has been targeted by hackers.
It started with an attack on Yearn Finance on Feb. 4 (involving $ 11 million), followed by BT Finance ($ 1.5 million on Feb. 9), Alpha Homora ($ 37.5 million on Feb. 13), FURUCOMBO ($ 14 million on Feb. 27), Meerkat Finance ($ 30 million on March 4), Paid Network ($ 37 million on March 5), and DODO ($ 3.8 million on March 8).
