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Exploiters Steals $10 Million Worth of Crypto from Poly Network

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The confirmation of this scam was released on Sunday, July 2 through Twitter that it has become a victim again of the latest DeFi exploit.

This scam allowed the exploiters to make off with $34 billion worth of cryptocurrency funds.

Falling victim to hacks is not the first time it is happening to Poly Network.

As far back as August 2021, a group of hackers also scammed the network of almost $611 million in cryptos.

This state of affairs led the cross-chain to announce that it has suspended its services temporarily the next day following the hack.

According to Dedaub and Beosin security analysts, the hack on Poly Network may be due to a theft of the private keys which are used within the exchange’s core smart contract.

Allegedly, out of the 4 admin contracts held by Poly Network, the private keys of 3 of them that powers the network’s main smart contract were tampered with. As reported the security company.

The security analysts further say that the hack wasn’t caused by a particular weakness that may be inside the contract’s logic.

Meanwhile, the security team hasn’t provided any clarity for now on the claims.

More Details of the Hack

Beosin Security Company which is in charge of the DeFi network disclosed that the hack enabled the perpetrator to make away with 57 tokens throughout 10 blockchains.

This includes; OKX, Heco, Ethereum, Avalanche, Polygon, Metis, and BNB Chain.

So, after the last weekend scam, the exploiter’s wallet is currently holding up to $42 billion worth of tokens.

Fortunately, due to security precautions and lack of liquidity, the scammer couldn’t cash out the whole artificially minted funds.

However, the security team that is backing Poly Network disclosed that they are working actively with the centralized exchanges as well as law enforcement to uncover the hacker as well as get back the funds.

READ ALSO:Thailand Joins Singapore In Banning Crypto Exchange’s Lending Service Offerings

That’s more reason it announced its temporary suspension of services.

In addition, the team that is supporting Poly Network encouraged the projects which were affected by the scam to withdraw their liquidity from the decentralized exchanges.

Also, it asked users to hold on to the affected assets to unlock them as well as recover their LP (Liquidity Pool) tokens which are linked to those cryptocurrency assets.

Meanwhile, the team is urging the perpetrators to return the funds they stole to avoid legal actions against them.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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