Poly Network Hack: largest Defi hack in history

Poly Network

Poly Network recent Hack: largest Defi hack in history

Poly Network is a multiple blockchain swapping protocol that basically provides solution to moving and swapping tokens from multiple blockchains that has Bitcoin, Ethereum and Ontology on it.

A nice day for a mix

It was seemingly just another normal day in the Cryptocurrency and Blockchain Verse when the news broke that there has been a major exploit. That a certain hacker has exploited the platform and made away with a fortune, and by no means just small fortune!


The hack and the hacker

The hack occurred as a result of a cryptographic issue on the Poly Network this usually isn’t always the case. This allowed the hacker to steal $273 million of Ethereum tokens, $253 million in tokens on Binance Smart Chain and $85 million in USDC on the Polygon network. Tether the company behind USDT has since blacklisted the USDT in the hackers possession this means the hacker can no longer move it.

Is the Hacker known?

After the tokens were blacklisted, someone sent ah transaction to one of the wallets of the hacker with a message asking the hacker not to spend the USDT in the wallet as it has been blacklisted. In response to that the hacker sent 13ETH to the user, probably in appreciation for the information delivered.

Slowmist a Blockchain security firm in its a news post said they were able to trade the hackers ID, email address, device fingerprint and other details with help from a Chinese Crypto Exchange, Hoo. Though there are claims in some quarters that the hacker’s funds originated from Hoo.

NeboFinance understands that Slowmist also shared information of the hackers original original assets as Monero(XMR) which they (hacker) used to fund the exploit.

What we know now

Decentralized-finance has seen many hacks and exploits but none beats this particular hack the amount of funds carted away is monstrous. From the look of things, this hacker and perpetrator has been identified and is being traced.

As information get to unfold NeboFinance will keep you updated.