1 year ago
Cross-chain protocol Poly Network said its services would stay temporarily suspended aft a hacker exploited 57 crypto assets connected 10 blockchains, including Ethereum (ETH), BNB Chain, Polygon (MATIC), Avalanche (AVAX), Metis, Optimism (OP) and others connected July 2.
Community statement grade of the Poly Network attack
DeFi information adept Arhat stated that a astute declaration vulnerability connected the Poly Network cross-chain span caused the attack.
Arhat explained that the hacker created a malicious parameter that contained a fake validator signature and artifact header. This allowed them to bypass the verification for the parameters and contented billions of tokens from the Poly Network Ethereum pool, which was transferred to their address.
Arhat said:
“At 1 point, the hacker’s wallet held implicit $42 cardinal worthy of tokens (on paper) instantly pursuing the hack. Impressively, contempt the magnitude of this hack, the hacker was lone capable to person a tiny information of these tokens SHIB, COOK, RFuel into ETH, which was worthy astir $400,000 successful total. Everything other had nary liquidity and were fundamentally worthless.”
Meanwhile, blockchain information steadfast Dedaub blamed the onslaught connected the compromised backstage keys of 3 addresses successful the Poly Network multi-sig. The blockchain information steadfast highlighted the Poly team’s dilatory effect to the onslaught and estimated that the hacker stole $5.5 million.
PeckShield besides stated that the attacker had moved implicit $5 cardinal worthy of crypto retired of Ethereum, Polygon, and BNB Chain.
Poly Network tries to minimize onslaught impact.
While Poly Network has confirmed the incident, its squad was yet to supply further accusation connected however it was exploited oregon the full magnitude stolen.
Poly Network has yet to respond to CryptoSlate’s petition for remark astatine the clip of writing.
Meanwhile, Poly Network advised its users to retreat their assets arsenic portion of its effort to minimize risks. The protocol said it had told astir task teams to region liquidity from decentralized exchanges.
The squad further called for assistance from manufacture experts and cybersecurity professionals who tin assistance successful plus recovery. The protocol besides claimed it had contacted centralized exchanges and instrumentality enforcement agencies to assistance way and frost the funds.
This is not the archetypal clip that the cross-chain protocol has been exploited. In 2021, Poly Network was hacked for much than $600 cardinal crossed 3 blockchains.
The station Poly web services ‘remain suspended’ aft different large hack appeared archetypal connected CryptoSlate.
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