Decentralized finance (DeFi) cross-chain protocol Poly Network has suffered another major hack involving dozens of crypto assets.
Poly network recognized the exploit on Saturday and suspended its services, noticing that 57 different crypto assets on 10 different blockchains were affected.
Blockchain security company Beosin notes that the hacker used forged evidence to initiate withdrawal operations on cross-chain bridge contracts.
Fellow blockchain security firm PeckShield points to a particular wallet that held more than $42 billion in crypto assets as of July 2 as the possible Poly Network operator.
Hi @PolyNetwork2 you might want to take a look:https://t.co/cmbxAsFPGLhttps://t.co/4cqVV6EryK
—PeckShield Inc. (@peckshield) July 2, 2023
Analytics platform Etherscan also tags the address as “PolyNetwork Exploiter 3”.
Blockchain security infrastructure company BlockSec analysed the hacker’s actual profit stats on Ethereum (ETH) and the BNB Smart Chain (BSC).
“The profit on ETH is about $5.3 million, of which $4.3 million exists in the form of ETH. The profit on BSC is about $232 million based on the price at the time of transfer, but most of it has not yet been traded. There should not be enough liquidity in DEX (decentralized exchange) pools, so the real profit should be much smaller.”
Poly Network was also hit by a massive $643 million hack in August 2021. The exploit was allegedly carried out by a pseudonymous attacker known as Mr. WhiteHat. Shortly after the incident happened, Poly Network began working with the hacker to retrieve the stolen crypto assets.
After receiving the last $33 million locked into the stablecoin Tether (USDT), Poly Network announced it had successfully recovered all the stolen funds.
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Image generated: Midway through the journey
