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DeFi platform Poly Network looses USD 600 mln to hackers

Wednesday 11 August 2021 12:47 CET | News

Poly Network, a decentralised finance platform, said it was hacked, losing an estimated USD 600 million according to reports of funds held in complicit wallets.

Poly Network allows users to swap tokens across different blockchains. The stolen funds amount to more than the criminal losses registered by the entire DeFi sector from January to July 2021 of a record USD 474 million.

The company announced the hack on Twitter, where it also posted details of wallets where it said the money was transferred, urging people to blacklist tokens from those addresses. Poly tweeted that it planned to take legal action and urged the hackers to return the assets.

The chief technology officer of Tether, a stablecoin, said on Twitter the company had frozen USD 33 million connected with the hack, and top management at large crypto exchanges responded to Poly Network on Twitter saying that they would try to help.

Later on, after being identified, the hacker has returned USD 342 million worth of tokens relating to three crypto-currencies to the firm. The individual also posted several pages of notes to the blockchain, disclosing why they hacked the firm and the offers Poly Network made to them, as BBC says.


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Keywords: hacking, cryptocurrency, online fraud, blockchain, cryptocurrency exchange
Categories: Blockchain & Cryptocurrencies | Cryptocurrencies
Countries: World
This article is part of category

Blockchain & Cryptocurrencies