Poly Network suspended its services on Sunday, July 2, after experiencing a major attack affecting more than 57 assets across several blockchain platforms.
Poly Network Suspends Services After Massive Hack!
In the attack that took place over the weekend, an attacker exploiting a vulnerability in the interchain bridge protocol of the interoperability platform Poly Network carried out a massive attack by creating billions of tokens out of thin air.
Attackers have 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 of tokrn on other chains. The total value in the attacker's wallet reached approximately $43 billion worth of cryptocurrency at one point.
However, since it is difficult to sell these tokens and make significant profits, they face limited market demand. Currently, estimated earnings from the attack range from $400,000 to $4 million. Poly Network announced a temporary suspension of its services while it addresses the incident.
He also requested help from cyber security experts and people involved in the matter. If you have any information on this subject, he suggested actively contacting Poly Network.
Here is the Poly Network description;
“Dear users, We regret to inform you that our services will be temporarily suspended while we continue to address this situation. We request the help of cyber security professionals and people knowledgeable on this subject. “If you have any information that could assist us in this effort, we encourage you to actively contact us.”
The Poly Network Hack occurred affecting a total of 57 assets across 10 different blockchain networks.
This is not the first time Poly Network has been subjected to major attacks before. In August 2021, hackers realized that hyperlinks are profitable targets. A notable attack that resulted in a $600 million loss to the Poly Network and diverted funds from Ethereum, BNB Smart Chain, and Polygon received widespread attention in 2021.
After recovering some of $342 million worth of stolen cryptocurrency, Poly Network took steps to compensate users who suffered financial losses.