In the biggest DeFi crypto heist ever, hackers stole $611 million in Ethereum and other cryptocurrencies.

Spotlight

  • Poly Network has admitted that it has been hacked.
  • More than $600 million in cryptocurrency has been stolen by hackers.
  • This is the most significant heist in the DeFi space to date.

A hack of blockchain-based network Poly Network resulted in the theft of more than $600 million in Ethereum and other cryptocurrencies, according to a tweet from the business on Tuesday. This is the largest hack in the history of decentralized finance or DeFi. Poly Network, a system that allows users to swap crypto tokens, has verified that the recent coin heist has impacted thousands of buyers.

Poly tweeted Tuesday morning, “We are sorry to announce that #PolyNetwork was attacked,” revealing that millions of dollars had been taken from crypto investors. It also revealed the attackers’ addresses, to whom the lost money was sent.

The platform, which was established by an alliance of the teams behind various blockchain systems – Neo, Ontology, and Switcheo – said, “We call on miners of affected blockchain and crypto exchanges to blacklist tokens coming from the above addresses,”. It has demanded that the assets be returned and has warned that legal action would be taken against those responsible. Ethereum is thought to be the cryptocurrency that has been the most hit by the heist. The Polygon network was hacked for $273 million in Ethereum tokens, $253 million in Binance Smart Chain tokens, and $85 million in US Dollar Coin (USDC) tokens.

Tether’s issuer quickly froze around $33 million of the stablecoin Tether that was stolen as part of the assault. This implies that hackers will be unable to utilize these tokens.
The attack is the most significant in the relatively new crypto sector, which has faced several hurdles in recent months.

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“We are aware of the poly.network exploit that occurred today. While no one controls BSC (or ETH), we are coordinating with all our security partners to proactively help. There are no guarantees. We will do as much as we can,” Changpeng Zhao, the CEO of Binance, a cryptocurrency exchange, tweeted this.

A preliminary investigation revealed that a hacker took advantage of a “vulnerability between contract calls,” according to Poly Network. Hacking in the DeFi industry has been a key source of concern for investors. Since the beginning of the year, there have been a number of incidents, but none have resulted in such large sums of money being seized. The US Securities and Exchange Commission (SEC) sued DeFi lender Blockchain Credit Partners and two of its top executives for raising $30 million through allegedly fraudulent sales last week.