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Poly Network Urges Users To Withdraw Funds The Expliot Attack

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The decentralized and trustless interoperability protocol for heterogeneous blockchains has urged users, project teams, and token holders to withdraw liquidity after hackers have been able to attack crypto assets, and due to that, Poly Network will be temporarily suspending services.

It is being reported that an exploit attack on cross-chain bridge platform Poly Network has resulted in an exploit affecting 57 crypto assets on 10 blockchains such as OKx, Heco, Polygon, Ethereum, Polygon, Metis, Avalanche and BNB Chain and has made way with over $5 million crypto.

Dedaub, a blockchain security solutions provider has named this latest Poly Network exploit as the “34 billion Poly Network hack.”

How exploit attacks

An exploit is a segment of code or a program that maliciously takes advantage of vulnerabilities or security flaws in software or hardware to infiltrate and initiate a denial-of-service (DoS) attack or install malware.

Poly Network has verified that DeFi exploits attack their victim by manipulating a smart contract function on the cross-chain bridge protocol.

There was a smart contract vulnerability that allowed the hackers to craft a malicious parameter containing a fake validator signature and block header.

When this is done, the smart contract accepts entrance, helping the hacker to bypass the verification process, allowing them to transfer tokens from Poly Network to their address on the other chains.

The process is being repeated for other chains helping the hacker’s wallet to increase the crypto assets

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

HOW TO PREVENT EXPLOIT FROM ATTACKING

To prevent DeFi hacks, the developers and communities must implement best security practices, including smart security audits, penetration tests, and bug bounties.

Collaboration with external security experts can help prevent exploits from attacking.

The Exploit Prevention components detect program code that takes advantage of vulnerabilities on the computer to exploit administrator privileges or perform malicious activities.

Poly Network is being attacked due to compromised hotkeys.

The industry has to change its approach to security.

They should focus on traditional security not just smart contract audits. Dedaub, a blockchain security solution identified Poly Network weaknesses in the protocol’s multi-sig, having a simple “4 of 4” multi-signature arrangement over two years.

Stating that Poly Network was slow to respond taking seven hours and around $5.5 million crypto was stolen.

DeFi hacks have taken place because superficial audits have prioritized certification over a thorough security analysis.

That is why it is important to go through relevant audits that cover as much scope as possible.

High-quality and thorough audits are necessary to discover all levels of vulnerabilities and recommend hotfixes.

It should be stressed that auditing is not a one-time action.

It should be carried out from time to time, especially after adding new contacts.

Also implementing Multi-Signature Controls that requires several private keys to authorize transaction.

Furthermore, User Education should be provided in this rapidly growing crypto industry.

Education empowers users, project teams, token holders, investors, and traders to safeguard their assets

 

 

 

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