Crypto hackers have perpetrated the largest hack in the history of decentralised finance (DeFi). The hackers had been in a position to steal more than a whopping $610 million worth of Ethereum, Binance Smart Chain, and USDC (USD Coin) tokens from crypto platform Poly Network, blockchain safety firm Slowmist disclosed on Twitter. Poly Network had announced the hack on Twitter along with the particulars of addresses to which the tokens had been transferred and also asked the impacted miners to blacklist tokens coming from these addresses. “The cross-chain interoperability protocol @PolyNetwork2 was attacked, and a total of more than 610 million US dollars were transferred to 3 addresses,” Slowmist mentioned.
— Poly Network (@PolyNetwork2) August 10, 2021
The hackers were able to exploit a vulnerability in Poly Network’s contract method. The company said the vulnerability was in between contract calls. Warning the hacker of legal action, Poly Network in a note on Twitter also urged him to return the hacked assets. “The amount of money you hacked is the biggest one in the defi history. Law enforcement in any country will regard this as a major economic crime and you will be pursued. It is very unwise for you to do any further transactions. The money you stole are from tens of thousands of crypto community members, hence the people. You should talk to us to work out a solution.”
Also study: New cryptocurrency listings swell in H1 2021 as crypto tracking platforms add more than 2,000 coins
1)The cross-chain interoperability protocol @PolyNetwork2 was attacked, and a total of more than 610 million US dollars had been transferred to 3 addresses. The influence triggered the transfer of massive assets of the O3 Swap cross-chain pool.
— SlowMist (@SlowMist_Group) August 10, 2021
Binance CEO Changpeng Zhao had tweeted that he was conscious of the attack. “We are aware of the poly.network exploit that occurred today. While no one controls BSC (or ETH), we are coordinating with all our security partners to proactively help. There are no guarantees. We will do as much as we can.”
The communication ultimately led to the return of $4.7 million worth assets — $2.6 million to Ethereum address, $1.1 million to Binance address, and $1 million to Polygon address, according to the Poly Network’s tweet on 5.17 PM on Wednesday. According to theblockcrypto.com, hackers had stolen $273 million worth Ethereum tokens, $253 million in Binance Smart Chain tokens, and $85 million in USDC coins on the Polygon network. The hacker wrote “Ready to return the fund!” in an Ethereum transaction on Thursday at 3.48 AM.
DeFi essentially refers to a economic method wherein economic solutions are obtainable on the decentralized blockchain network and open for use by anyone in a peer-to-peer manner rather of accessing the middlemen such as banks or a firm to facilitate a transaction. Buying and promoting digital assets are amongst the common DeFi uses circumstances.