The Largest Hack in Decentralized Finance (DeFi) History Sees Over $600 Million Stolen from Ethereum, Binance Smart Chain, and Polygon

pic.twitter.com/Yzw4oDenjC

— Poly Network (@PolyNetwork2) August 10, 2021

In what is now be the largest ever attack on decentralized finance (DeFi), hackers have exploited and stolen assets worth over $600 million on the Poly Network, a cross-chain protocol.

According to the official Poly Network twitter update, hackers attacked and withdrew assets from three networks:

• Binance Smart Chain (BSC) – $253 million
• Ethereum – $273 million
• Polygon network – $85 million

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The assets stoken in the attack include:

• $wBTC
• $wETH
• $RenBTC
• $DAI
• $UNI
• $SHIB
• $FEI

Following the explot, the hacker then deposited $USDC and $DAI to the curve.

According to the Chinese cybersecurity firm, SlowMist, this seems to have been a coordinated and likely ‘a long-planned, organized and prepared attack’ based on multiple fingerprint information and flow of funds.

According to messages left on-chain, the hackers say this would have been a billion dollar hack if they had moved the remaining tokens, claiming they probably saved the project as a result.

The hacker apparently exploited a vulnerability between contract calls according to the official Poly Network twitter handle:

After preliminary investigation, we located the cause of the vulnerability. The hacker exploited a vulnerability between contract calls, exploit was not caused by the single keeper as rumored.

— Poly Network (@PolyNetwork2) August 10, 2021

The Poly Network is an interoperability protocol integrating into larger cross-chain ecosystems enabling users to swap tokens across different blockchains.

A number of prominent personalities in the crypto and blockchain space have commented on the hack which has brought to light the vulnerabilities in DeFi and the need for collaboration to ensure sustained growth of the space.

Someone just stole approximately $600 million in a defi hack.

— Pomp 🌪 (@APompliano) August 10, 2021

We are aware of the https://t.co/IgGJ0598Q0 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. Stay #SAFU. 🙏 https://t.co/TG0dKPapQT

— CZ 🔶 Binance (@cz_binance) August 10, 2021

.@OKEx is already on the case. We're watching the flow of coins, and will do our best to manage the situation.

Our wallet team will get in touch if we need more information. https://t.co/crD296bNdQ

— jay_star.okx ⚛️ OKX CEO (@star_okx) August 10, 2021

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