Poly Network Hacked Again, Attacker Issued Large Amounts of Assets on Several Chains

Poly Network Hacked Again

Poly Network, an interoperability platform, was hacked over the weekend, with the attacker creating billions of tokens out of thin air by exploiting a vulnerability in the cross-chain bridge protocol.

The hackers generated 24 billion BUSD and BNB on Metis, 999 trillion SHIB on Heco, and millions on other blockchains. The attacker’s wallet once housed roughly $43 billion in cryptocurrencies. However, due to a lack of liquidity, most of these tokens cannot be traded to realize profits. So far, the hack’s projected benefits range from $400,000 to $4 million.

Following the hack, Poly Network announced:

“Please keep your cool. We are dedicated to protecting your investments.” The platform has paused operations as it investigates the scope of the attack and the assets affected. This has an impact on 57 assets across ten blockchains. Bridges have previously proven to be a lucrative target for hackers. In 2021, stories were made about an extraordinary hack that cost Poly Network $600 million and syphoned cash from Ethereum, BNB Smart Chain, and Polygon. Poly Network takes action to refund consumers who experienced losses after recovering $342 million in stolen bitcoin.

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