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PolyNetwork Suffers Record-Breaking $600.3M Hack

PolyNetwork hack

August 11, 2021

Reading Time: 2 minutes

PolyNetwork, a multi-chain interoperability framework, was hacked today, resulting in the loss of approximately $600 million in different cryptocurrencies, according to the platform’s creators.

The creators of PolyNetwork announced on their Telegram channel that #PolyNetwork had been attacked on @BinanceChain @ethereum and @0xPolygon. They went on to ask impacted blockchain miners and crypto exchanges to ban tokens originating from the addresses listed above.

According to the statement, three addresses belong to attackers: Ethereum, currently holding $264.8 million in cryptocurrency. Binance Smart Chain with $250.8 million, and Polygon, which has $85 million. 

As per the records, the PolyNetwork hack now stands to be the largest cryptocurrency hack to date. The previous record was held by cryptocurrency exchange Coincheck, which was hacked and lost $530 million in January 2018.

On the other hand, PolyNetwork is an interoperability standard; therefore, other PolyNetwork-based projects may be impacted as well. The protocol’s website lists a slew of other cryptocurrency projects with which it is compatible.

Projects’ operation halted

O3 Swap, a PolyNetwork-based cross-chain pool that enables users to swap tokens across various blockchains, stopped its cross-chain functionality shortly after the breach.

Following the PolyNetwork hack, O3 tweeted that its Swap cross-chain feature has been temporarily suspended and that they are in touch with the team responsible for the breach. PolyNetwork urged their customers to be patient while they worked their way to restore the system back to normal functioning.

According to Tether’s chief technical officer, Paolo Ardoino, the firm behind USDT has frozen $33 million worth of its stablecoins taken by the hacker due to the hacking attack.

It is all about conveying a message

Meanwhile, the hacker continues to be the center of attention for the crypto community.

The hacker even sent a pseudonymous crypto enthusiast named “hanashiro.eth” 13.37 Ethereum that is worth approximately $42,000 at current rates in exchange for tipping him off.

As a result of the hacker’s generosity, other users flooded him with messages asking for money.

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