Poly Network Halts Services After A Major Hack Affecting 57 Assets – NewsTo
Poly Network Halts Services After A Major Hack Affecting 57 Assets

Poly Network Halts Services After A Major Hack Affecting 57 Assets



Poly Network Halts Services After A Major Hack Affecting 57 Assets

Poly Network suspends operations when hackers mint a significant number of various cryptocurrencies like BUSD, BNB, and SHIB, among others.

On numerous blockchains, the hackers minted a significant amount of different cryptocurrencies, including BUSD, BNB, and SHIB. Additionally, they were able to create 24 billion BUSD and BNB on Metis, 999 trillion SHIB on the Heco blockchain, as well as millions on other chains.

At one stage, the attacker’s wallet contained approximately $43 billion worth of cryptocurrency. However, it is challenging for them to sell these tokens and earn big profits due to limited market demand. The benefits from the hack are currently believed to be between $400,000 and $4 million. The statement was made on Sunday by the Poly Network, which noted:

“Dear users, We regret to notify you that our services will remain temporarily paused while we work to resolve this issue. We request the help of cybersecurity experts and knowledgeable people. We strongly urge you to actively get in touch with us if you have any knowledge that could help us in this effort.

57 Assets Across 10 Blockchains Are Affected by the Poly Network Hack

Poly Network Halts Services After A Major Hack Affecting 57 Assets

As previously stated, 57 assets overall across 10 different blockchain networks have been compromised by the Poly Network attack. The Poly Network has previously experienced major hacks.

Back in August of 2021, hackers recognized bridges as potentially profitable targets. Additionally, in 2021, there was a big hack that cost Poly Network $600 million and resulted in funds being stolen from Ethereum, BNB Smart Chain, and Polygon.

In order to compensate consumers who suffered financial losses, Poly Network took steps after recovering $342 million of the stolen cryptocurrency.

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