#polygon news update :
Poly Network, a cross-chain decentralized finance ( #DeFi" ) platform, has suspended operations after a major hack that resulted in the loss of $600 million in #cryptocurrency .
The hackers created large amounts of different cryptocurrencies, such as BUSD, BNB, and SHIB, on various blockchains. They also managed to generate 24 billion BUSD and BNB on Metis, 999 trillion SHIB on the Heco blockchain, and millions on other chains.
At one point, the total value in the attacker's wallet reached around $43 billion worth of cryptocurrency. However, because of limited market demand, it is difficult for them to sell these tokens and make significant profits. Currently, the estimated gains from the hack range between $400,000 to $4 million.
On Sunday, the Poly Network made the announcement noting:
"We have temporarily suspended all network activities and are conducting a security review," Poly Network said in a statement. "We will do our best to recover the funds and keep the community updated."
The hack is the latest in a series of high-profile cryptocurrency heists. In March, the Ronin Network, a blockchain that powers the popular Axie Infinity game, was hacked for $625 million worth of cryptocurrency.
The Poly Network hack is a reminder of the risks associated with cryptocurrency. While the technology offers the potential for greater financial freedom, it is also vulnerable to attack. Investors should exercise caution when investing in cryptocurrency and should only invest what they can afford to lose.
