Last updated on November 17th, 2022 at 02:07 pm
The largest hack in the history of DeFi has hit cross-chain protocol Poly Network, a development that has seen the firm lose $612 million in multiple cryptocurrencies.
“We are sorry to announce that #PolyNetwork was attacked on @BinanceChain @ethereum and @0xPolygon,” Poly Network tweeted, asking for help, saying, “We call on miners of affected blockchain and crypto exchanges to blacklist tokens coming from the above addresses.”
The hack created some effect, with Tether and Bitfinex CTO Paolo Ardoino tweeting the firm had frozen $33 million.
Maker, Synthetix, Balancer, SushiSwap, and Yearn Finance are major DeFi firms that have suffered security breaches in the past. However, Poly Network is by far the biggest.
It is more than twice the $284 million value of all DeFi hacks since 2019, as reported in February by blockchain research firm Messari.
Other substantial hacks have happened since then. These include the April 19 EasyFi hack, in which $6 million in stablecoins and nearly three million EZ coins then worth $120 million, were stolen.
Poly Network, which allows the transfer of tokens between nine blockchains at present, including Bitcoin, Ethereum, Neo, Ontology, Elrond, Ziliqa, Binance Smart Chain, Switcheo, and Huobi ECO Chain, also says it would “take legal action” to recover the stolen funds.
Both the Poly Network and the O3 Swap protocol have suspended cross-chain swaps.
Location of the stolen funds…
According to the firm, three wallet addresses on the Ethereum, Binance Smart Chain, and Polygon blockchains received the stolen funds. These are:
ETH: 0xC8a65Fadf0e0dDAf421F28FEAb69Bf6E2E589963
BSC: 0x0D6e286A7cfD25E0c01fEe9756765D8033B32C71
Polygon: 0x5dc3603C9D42Ff184153a8a9094a73d461663214
The Ethereum wallet had $273 million in ether and nine other cryptocurrencies, including USD Coin, Wrapped Ether, Wrapped Bitcoin, and Tether, according to Etherscan.
The BSC wallet had $254 million in four Binance-Peg currencies: USD Coin, Ether, Bitcoin, and the Binance USD stablecoin, according to BscScan.
The Polygon wallet had $85 million in USD Coin, according to Polygonscan.
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