Poly Network falls victim to a $5 million hack

While networks are renowned for their security, this doesn’t always prevent malicious individuals from circumventing it. Once again, Poly Network has been targeted by an attack that has compromised numerous assets. As a result, its services may be temporarily interrupted.

Poly Network hit by DeFi exploit

Poly Network users may well be deprived of any transactions on the network over the next few hours. This is the result of a recent hack on the platform. Indeed, according to details, the bridge-interchain platform is the latest victim of a DeFi exploit.

In an article published on July 2, Poly Network confirms that hackers have succeeded in infiltrating the network. By manipulating a smart contract function, they were able to issue billions of tokens out of thin air.

According to the team’s reports, the exploit affects 57 tokens and 10 blockchains. These include BNB Chain, Avalanche, Polygon, Metis, Ethereum and OKx. Given the seriousness of the situation, Poly Ntework intends to temporarily suspend its services in order to resolve the problem. But first, it is urging users and the team to withdraw cash and unlock their LP tokens.

Over 5 million dollars stolen

Poly Network’s communication mentions the exploit, but not the amount stolen. While the platform did not wish to talk about it, Peckshield did. He claims that the hacker transferred over $5 million in cryptos.

According to a DeFi security analyst, this exploit stems from a smart contract failure that enabled the hacker to create a malicious program. Once accepted, the hacker was able to bypass the verification process.

From there, all he had to do was commit his crime. By the time the team discovered the scam, the hacker’s wallet contained almost $42 billion in tokens. However, he only stole a fraction of this.

Although Poly Network limited the break-ins, Dedaub felt the team was slow to react. Indeed, it took around seven hours to respond, resulting in a loss of $5.5 million. The second quarter seems to be favorable for DeFi attacks and scams. This phenomenon begs the question: why are there so many hacks?