Poly Network Suspends Services Following Major Hack Affecting 57 Assets

On Sunday, July 2, Poly Network made the decision to suspend its services following a significant security breach. This attack impacted more than 57 assets across multiple blockchain platforms.

Over the weekend, the interoperability platform, Poly Network, fell victim to a major hack. The attacker took advantage of a vulnerability in the cross-chain bridge protocol, resulting in the creation of billions of tokens seemingly out of thin air.

The hackers successfully generated substantial amounts of various cryptocurrencies, including BUSD, BNB, and SHIB, on different blockchains. They specifically managed to create 24 billion BUSD and BNB on the Metis blockchain, 999 trillion SHIB on the Heco blockchain, as well as millions on other chains.

At its peak, the total value of the attacker's wallet reached approximately $43 billion in cryptocurrency. However, due to limited market demand, it is proving challenging for them to sell these tokens and realize significant profits. Currently, the estimated gains from the hack range between $400,000 and $4 million. On Sunday, the Poly Network issued an announcement stating:

“Dear users, as we continue to address this situation, we regret to inform you that our services will remain temporarily suspended. We kindly seek the assistance of cybersecurity professionals and individuals with relevant expertise. If you possess any information that could assist us in resolving this matter, we strongly encourage you to actively reach out to us.”

Poly Network Hack Impacts 57 Assets Across 10 Blockchains

The recent hack on Poly Network has had a significant impact, affecting a total of 57 assets spanning across 10 different blockchain networks. Unfortunately, this is not the first time that Poly Network has encountered such major security breaches.

In August 2021, hackers identified bridges as lucrative targets, leading to a notable hack that garnered attention worldwide. The attack resulted in Poly Network losing $600 million and diverting funds from Ethereum, BNB Smart Chain, and Polygon.

However, in a commendable effort, Poly Network was able to recover $342 million of the stolen cryptocurrency and took proactive measures to compensate users who suffered financial losses.