Hackers stole more than $600 million in an attack on cross-chain protocol Poly Network

  • A protocol for swapping cryptocurrencies across multiple blockchains, Poly Network was hit by the largest DeFi hack to date.
  • Poly Network urges miners of affected blockchains and exchanges to block hacked funds.
  • Tether has blacklisted nearly $33 million worth of stolen USDT, and these tokens can no longer be moved on the blockchain. 

An unusual issue on the protocol led to the hack; no single keeper was responsible for the attack.

Poly Network victim of largest DeFi hack, tokens on Ethereum, Binance Smart Chain and USD Coin network stolen 

Poly Network announced that the cross-chain protocol was hacked for more than $600 million worth of cryptocurrencies. The victim of the attack is a protocol that was formed by an alliance between teams behind Neo, Ontology, and Switcheo. Poly network protocol is used for swapping tokens across blockchains like Bitcoin, Ethereum, and Ontology. 

The attackers stole $273 million in Ethereum tokens, tokens worth $253 million on Binance Smart Chain, and $85 million in tokens on USD Coin.

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