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

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:


SEE ALSOSouth Africa’s Mirror Trading International (MTI) Was By Far 2020’s Biggest Scam Globally, Says Chainalysis 2021 Crypto Crime Report


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:

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.


RECOMMENDED READING: U.S. to Fast Track Stablecoin Regulations and Deliver Recommendations in the ‘Coming Months’


Thank you for your support by helping us create content:

BTC address: 3CW75kjLYu7WpELdaqTv722vbobUswVtxT


Follow us on Twitter for latest posts and updates

Join and interact with our Telegram community


Subscribe to the channel below to keep updated on latest news on video: