Poly Network Hack: 57 Assets Affected

Poly Network, a protocol for cross-chain bridging, has notified its users that their services will be temporarily shut down due to a recent attack. According to Poly Network, a total of 57 assets have been affected on the following 10 blockchains: Ethereum, BNB Chain, Polygon, Avax, Fantom, Optimism, Arbitrium, Gonosis, Heco and OKX.

Address details are shared

In addition, the cross-chain bridge protocol also has via a Twitter thread shared the address details of where a significant portion of the assets are currently located.

Poly Network has also confirmed that they have contacted several centralized exchanges and law enforcement agencies to seek their assistance with this digital intrusion incident.

To mitigate the risk of the recent cyber-attacks, Poly Network has communicated with several project teams, urging them to “immediately withdraw liquidity from decentralized exchanges.”

At the same time, Poly Network has advised its users who own the affected assets to “speed up the process of withdrawing liquidity and unlocking their LP tokens.”

Poly Network targeted by cyberattack

Yesterday, Poly Network announced that they had been the target of an attack. While the Poly Network hack alarmed the crypto community, several projects quickly took action in response to this covert attack.

For example, Neo, which launched Poly Network along with other founders, has stated that they have temporarily suspended cross-chain bridge service between Neo. In contrast, Metis DAO stated that there is “no selling liquidity” for newly minted BNB and BUSD on Metis, rendering them virtually worthless. METIS is one of 57 assets affected by the hack.

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Several blockchain security firms and security analysts have begun their investigations to find out the root cause behind the Poly Network hack. For example, crypto analyst Arhat has concluded that the hack resulted from a vulnerability in the smart contract of Poly Network’s cross-chain bridge tool.

At the same time, Dedaub, a platform for web3 security solutions claimed, “Poly Network had a simple 3 or 4 multisig arrangement for 2 years!” The web3 security solutions platform concluded that the private keys of the affected addresses had been compromised.

Finally, web3 data analytics platform Lookonchain was reportedly the first to alert the crypto community, claiming that hackers had sold off a large chunk of assets, $94 billion SHIB for $360 $ETH, $495 million COOK for $16 $ETH, and $15 million R Fuel for 27 $ETH.

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