Cross-chain protocol Poly Network Said After hackers exploited 57 crypto assets on 10 blockchains including Ethereum (ETH), BNB Chain, Polygon (MATIC), Avalanche (AVAX), Metis, Optimism (OP), etc. on July 2nd, the Services remain temporarily suspended.
Community discussion on the scope of Poly Network attacks
DeFi Security Expert Arhat said The attack was caused by a vulnerability in the smart contract of the Poly Network cross-chain bridge.
Arhat explained that the hackers created malicious parameters that included fake validator signatures and block headers. This allowed them to bypass parameter validation, issue billions of tokens from the Poly Network Ethereum pool, and have the tokens transferred to their addresses.
“At one point shortly after the hack, the hacker’s wallet held $42 billion worth of tokens (paper basis). Impressively, despite the scale of this hack, the hackers were only able to convert a fraction of these tokens. Sibu, cooking, R fuel into the ethereum, was worth about $400,000 in total. Everything else was illiquid and essentially worthless. “
Meanwhile, blockchain security firm Dedaub blamed Attack on compromised private keys of three addresses in Poly Network multisig. The blockchain security firm highlighted its slow response to Polyteam’s attack and estimated the hackers stole $5.5 million.
pec shield too said The attackers allegedly moved $5 million worth of cryptocurrencies from the Ethereum, Polygon and BNB chains.
Poly Network tries to minimize the impact of attacks.
Poly Networks Confirmed The company’s team had not yet provided additional information regarding the incident, including how it was exploited or the amount stolen.
Poly Network has yet to respond of crypto slate Requesting comments at time of writing.
Meanwhile, Poly Network advised users to withdraw their assets as part of their efforts to minimize risk. The protocol said it has directed most of the project teams to remove liquidity from the decentralized exchange.
The team also sought help from industry and cybersecurity experts who could assist with asset recovery. The protocol also claimed to have contacted central exchanges and law enforcement agencies to help track and freeze the funds.
This is not the first time cross-chain protocols have been abused. In 2021, Poly Network was hacked across his three blockchains, stealing over $600 million.
After another major hack first appeared on CryptoSlate, the Post-Poly network service is “remaining down”.