Poly Network, DeFi’s cross-chain network, was hacked yesterday, resulting in the theft of $600 million in cryptocurrency.
The current attack would have been one of the largest hacks in crypto history at the moment.
“We are sorry to announce that #PolyNetwork was attacked on Binance Smart Chain, Ethereum and Polygon. Assets had been transferred to hacker’s following addresses:
Because Poly Network is a cross-chain protocol, it allows transactions to take place across several chains such as Binance Smart Chain (BSC), Ethereum, and Polygon.
Not only that, but the total amount stolen can be calculated by transparently displaying the three addresses held by the hackers.
This amounts to almost $600 million in various crypto assets, which are distributed as follows:
The assets implicated in the BSC blockchain attack are BUSD, BTCB, ETHB, and BNB; however, the attack on Ethereum involved the USDC, DAI, UNI, SHIB, and FEI coins.
The Poly team then notified all crypto-asset projects implicated, as well as blockchain miners and exchanges, and asked them to blacklist tokens from the exposed hacker addresses.
The Poly Network was hacked, and the crypto projects involved collaborated.
With an attack of this magnitude and the numerous blockchains involved, many crypto players have responded to Poly Network’s call via Twitter, largely to demonstrate their cooperation.
Du Jun, a co-founder of Huobi, claims to have taken control of the situation:
“Huobi has taken notice of the large sum stolen from the PolyNetwork tonight. Our risk control and security teams are already tracking and identifying the addresses involved. We’ll do everything in our power to assist and protect the crypto community. #StrongerTogether”.
Changpeng Zhao, or CZ, the CEO of Binance, tweeted about it:
“We are aware of the http://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. Stay #SAFU”.
Personal opinions of Binance CEO on the Poly Network case
Zhao alias CZ is usually serious when it comes to crypto issues, and he wanted to share his personal thoughts on the current status of Poly Network.
Binance’s CEO writes the following in a tweet thread:
“This is a massive DeFi hack.
Brings up a few contentious issues:
is CEX or DeFi safer? Well, they are just different. They have different risk characteristics. Learn about how to use them safely before using them.
Is fiat safer then? Well, it’s different again. It’s your own judgement. Inflation, high fees, and banks preventing you from spending your money.
How did people freeze funds on the blockchain? Well, it depends on how the smart contract is written, I guess. Even on native blockchains (without smart contracts), there are risks of 51% attacks. It’s kinda a taboo’ed word in our industry. But you should read about it.
Why are CEX CEOs busy while a DeFi gets hacked? We do try to help. While we can’t freeze funds on blockchains, if those funds land on our CEX (Binance), we will (try to) freeze them. So, we have a lot of blockchain analysis to do. Nothing is easy. We try.
Unpopular opinion: nothing is risk free. Education/learning in the best protection. Read, learn about risks. Then manage it”.
Binance, based in China, is becoming a major role in the crypto industry.
It is also a doorway to the DeFi world, in addition to being the largest centralized exchange by market volume and the variety of services it provides.
Binance’s focus on its users had developed the “psychology of a market cycle” by the beginning of 2021, with fascinating insights into the (sometimes unconscious) behavior of its own crypto traders.
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