DeFi Poly platform loses over $ 600 million in recent attack

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Tuesday Aug 10, 2021, Cross-Chain Defi Platform Poly network was hacked, with the alleged attackers spending over $ 600 million on BinanceChain, Ethereum, and OxPolygon. This is DeFi’s biggest hack to date.

According to Igor Igamberdiev, the main cause of the attack is attributed to a cryptographic problem, although this is not usually the case. It can be compared to the Anyswap exploit, which led to the theft of $ 7.9 million due to the hacker. reverse the private key.

Poly Network is a protocol that allows the exchange of tokens on various blockchains. It was formed through an alliance between the teams behind various blockchain platforms, including Switcheo, Ontology, Ethereum, and Neo.

Following the path of money

hackers managed to get away with $ 273 million in ETH tokens, $ 253 million in Binance Smart Chain, and $ 85 million in USD Coin. Poly Network team urged its miners and exchanges to blacklist all stolen funds in a statement. After the attack, Tether blacklisted all the USDT on Ethereum that were stolen. This means that they are no longer transferable.

After the blacklisting, a crypto user sent a transaction to one of the addresses with the stolen funds, informing the hacker that he should not use USDT as it was blocked. hacker then sent 13.37 ETH to the particular user as a thank you token for the information.

Track the hacker

SlowMist, a blockchain security company, claims that it has already tracked the attacker’s ID. It also says that they have the email address, device fingerprint, and IP information. firm claims that the attacker’s funds were initially in monero (XMR), which were exchanged for ETH, Matic, and BNB and other tokens used to fund the hack.

According to SlowMist, this information came from its Chinese cryptocurrency exchange partner, Hoo. Other cryptocurrency users say that the funds used in the attack may have originated from the Hoo exchange.

Additionally, cryptocurrency researchers have noticed that some of the hackers’ wallets have a lot of DeFi activity. y also pointed out that wallets that had numerous interactions with centralized exchanges such as binane, FTX, and OKEx, where the potential hacker may have undergone KYC measures.

hacker subsequently sent a transaction from one of the wallets containing the stolen funds to the same wallet. This included a message saying that there would be more attacks if the hacker moved the remaining altcoins.

Wayne is a Blockchain enthusiast and cryptocurrency trading expert. Currently, he deals with trending topics in digital currencies.

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