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Following Hacks, Poly Network Stops Services


Poly Network announced on Twitter on Sunday of suspending its services until further notice because it has experienced a hack recently.

Previously in 2021, Poly Network experienced a similar attack and the exploiters were able to make off with nearly $600 million of digital assets.

To be precise, the hackers made off with $266.6 million of digital currencies from the Ethereum network, BSC (Binance Smart Chain) $252 million, and from Polygon $85 million.

According to Dedaub, a blockchain security company, the overall figure siphoned by the hackers was up to $5.5 million.

The team disclosed that the hackers were able to steal from 57 cryptos on 10 blockchains.

As a result, they are counseling the users to immediately pull out liquidity from the decentralized exchanges.

READ ALSO:UK Law Commission Contemplates Amendments to Crypto Assets Property L

How Is Poly Network Handling the After Effects of the Hack?

According to the network, it has asked cybersecurity experts as well as people who have relevant information for assistance.

Moreover, it has urged users that have any helpful information regarding the case to share it with them.

Findings from the Dedaub security firm show that the perpetrators have compromised the accounts of various private keys.

About 57 cryptocurrencies were affected by the hack including SHIB (Shiba Inu), DAI (Dai), and many others.

Even though the specific scope of the hack hasn’t been revealed yet, there are speculations of a substantial amount involved.

For instance, some say that the exploiters managed to make off with 24 billion BUSD and BNB on Metis, then 999 trillion SHIB on the Heco blockchain as well as millions from others.

At a particular stage, the amount found in the hacker’s wallet was up to $43 billion in cryptocurrency.

But due to the insufficient market demand, the hackers couldn’t sell off all the tokens and generate remarkable profits.

At present, the gains estimated from the exploit are estimated at $400,000 to $4 million announced by Poly Network on Sunday, July 2.

As per the announcement, the network will keep on handling the situation until it reaches a positive conclusion.

It further declares, “We regret to inform you that our services will be suspended temporarily.

We kindly ask for the help of cybersecurity individuals and professionals with appropriate experience in this issue.

In case you have any information that can help us handle this situation, we urge you to contact us immediately.”























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