Sun, February 25

Poly Network Got Hacked Losing Over $600M – 2021’s DeFi’s Hack

Poly Network Got Hacked Losing Over $600M - 2021’s DeFi’s Hack Altcoin News
  • Poly Network losses over $600 million on August 10.
  • The assets stolen includes ETH, DAI, UNI, SHIB, FEI, and many more.

Poly Network, the decentralized finance (DeFi) project, losses over $600 million on August 10, 2021. 

$600M Loss on Poly Network

As per the Ciphertrace report, $474 million lost due to DeFi-based hacks and fraud. Moreover, the findings show the way DeFi hacks hit record highs; however, the Polygon Network hack plays a major role. 

The Poly Network project was originally developed from the Neo project which leverages three various blockchain networks such as Polygon, Ethereum, and Binance Smart Chain (BSC) protocols.

In detail, these assets stolen include a great number of tokens such as ETH, SHIB, FEI, DAI, UNI, BUSD, BTCB, ETHB, BNB, USDT, and more. However, a great number of people assessed the situation on Twitter and although tedious it is calculated that over $600 million in tokens were stolen.

More so, the team behind the Poly Network project has written a letter explaining the hacker to cooperate with the team. The letter adds, ’We want to establish communication with you and urge you to return the hacked funds’.

All in all, it does not look like the hacker is willing to cooperate with the Poly Network project. However, few transaction messages allegedly stem from the hacker and could be read on, indicating the way that the hacker trolls the project with a few statements.

Hackers explained,

“It would have been a billion hack if I had moved [the] remaining sh**coins. Did I just save the project? Not so interested in money, now considering returning some tokens or just leaving them here…What if I make a new token and let the DAO decide where the tokens go?”

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Cryptocurrency and blockchain tech interest has enticed Carolyna to write for NewsCrypto. She made her personal mission to help non-crypto geeks to understand the technology with ease.