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CATEGORY: poly network


Jun 29, 2022 10:35

Axie Infinity's Ronin Bridge Officially Reopens after $625m Hack


Axie Infinity’s Ronin Bridge is back online months after it was drained of about $625 million through an exploit back in March (Read More)

Jan 11, 2022 10:35

Animoca Brands-Backed Lympo Protocol Suffers Hack With Over $162M Loss


According to a statement shared by Lympo Network with its community members, the protocol suffered a cyberattack that duly impacted its hot wallets, leading to a loss of approximately 165.2 million LMT tokens. (Read More)

Another crypto exchange AscendEX losses $80 million to hacker

Author: Oluwapelumi Adejumo
United States
Dec 13, 2021 05:50

Another crypto exchange AscendEX losses $80 million to hacker

Over the weekend, a global cryptocurrency exchange, AscendEX, was brought to its knees as it became the latest victim of an attack that led to the loss of around $80 million worth of funds from its hot wallets.

The post Another crypto exchange AscendEX losses $80 million to hacker appeared first on CryptoSlate.

Nov 01, 2021 10:35

Decentralized Finance BXH Network Records a Protocol Hack with about $130M in Stolen Funds


Decentralized trading platform, BXH Network has suffered a system breach that has resulted in about $130 million from the protocol. (Read More)

Aug 27, 2021 10:38

Poly Network Loses $600M+ In DeFi Cross-Chain Hack, What Happened?

A relatively unknown DeFi cross-chain bridging protocol Poly Network announced on August 10 that it has suffered. This might be the largest hack in DeFi history by losing over $600M. This happened across three blockchain networks: Ethereum, Polygon, and Binance Smart Chain. The Poly Network has lost ~$273M of its users' funds on Ethereum, on BSC ~$253M, and on Polygon ~85M. Though, the losses could be more.

https://twitter.com/PolyNetwork2/status/1425073990012268556

Details of the Hack

The team is now requesting miners and crypto exchanges to blacklist the funds coming from the addresses mentioned above. Apart from the centralized exchanges and stablecoin protocols, it might be a tough ask. Blockchain miners don't exactly control the transactions they process later. Also, they can't guarantee that it won't be confirmed on the blockchain. Poly Network has said that the affected assets include WETH, WBTC, renBTC, USDC, USDT, DAI, UNI, SHIB, FEI, etc. The attacker (s) has deposited DAI and USDC to the Curve protocol. This is also a lending/borrowing yield earning protocol.

Rekt HQ Leaderboard

Poly Network's latest $600M hack is over 10 ten times larger than the last major DeFi hack, which was reported with EasyFi protocol losing over $59M of user funds, Rekt HQ leaderboard shows - a source specializing in reporting hacks on blockchain platforms. It's surprising because Poly Network isn't a commonly known name in the DeFi protocols list, but somehow was holding such large amounts of user funds. The exact way in which the attack was executed is unknown for now.

https://twitter.com/BlockBugle/status/1425104626999865349

Poly Network - What's that?

So what's Poly Network? It appears that a crypto service that provides O3 Labs had a partnership with Poly Network to develop liquidity pools for their swap platform O3 Swap, sourcing liquidity from several blockchain networks, precisely why the extent of the hack is so large and will be impactful for quite some time to come. It appears that the hacker has been paying bounties also and an ETH address hanashiro.eth received 13.5 ETH from the hacker for tipping about the Tether USDT funds getting blacklisted.

This is a developing story and there are several details, which aren't known for now. These include the exact nature of the hack, the more precise assessment of how much user funds were stolen, and the corrective action in the future. But for now, it's safe to say that users should be careful before putting their funds into unknown and untested protocols.

DeFi Poly network cross-chain© Cryptoticker

The post Poly Network Loses $600M+ In DeFi Cross-Chain Hack, What Happened? appeared first on CryptoTicker.

Poly Network urges users to withdraw after exploit affects 57 crypto assets

Author: Cointelegraph By Martin Young
United States
Jul 03, 2023 08:20

Poly Network urges users to withdraw after exploit affects 57 crypto assets

The Poly Network has been exploited again, this time due to compromised private keys according to blockchain security firm Dedaub.

Poly network services ‘remain suspended’ after another major hack

Author: Oluwapelumi Adejumo
United States
Jul 03, 2023 05:50

Poly network services ‘remain suspended’ after another major hack

Cross-chain protocol Poly Network said its services would remain temporarily suspended after a hacker exploited 57 crypto assets on ten blockchains, including Ethereum (ETH), BNB Chain, Polygon (MATIC), Avalanche (AVAX), Metis, Optimism (OP) and others on July 2. Community debate extent of the Poly Network attack DeFi security expert Arhat stated that a smart contract […]

The post Poly network services ‘remain suspended’ after another major hack appeared first on CryptoSlate.

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