{"id":10771,"date":"2021-08-10T18:54:51","date_gmt":"2021-08-10T18:54:51","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/poly-network-hacked-for-more-than-600-million-hacker-trolls-project-saying-it-could-have-been-a-billion\/"},"modified":"2021-08-10T18:54:51","modified_gmt":"2021-08-10T18:54:51","slug":"poly-network-hacked-for-more-than-600-million-hacker-trolls-project-saying-it-could-have-been-a-billion","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/poly-network-hacked-for-more-than-600-million-hacker-trolls-project-saying-it-could-have-been-a-billion\/","title":{"rendered":"Poly Network Hacked for More Than $600 Million \u2014 Hacker Trolls Project Saying \u2018It Could Have Been a Billion\u2019"},"content":{"rendered":"

On August 10, the decentralized finance (defi) project Poly Network suffered a loss of over $600 million according to various reports. The hack follows a recent Ciphertrace report on how defi-related hacks and fraud in 2021 have already surpassed 2020. The Poly Network hack on Tuesday is well above the entire year\u2019s worth of defi hacks.<\/strong><\/p>\n

$600 Million Drained, Poly Network Defi Hack Eclipses 2021\u2019s Defi Hacks<\/h2>\n

This week, the blockchain analysis and intelligence company Ciphertrace published a report<\/a> that shows $474 million was lost to defi-related hacks and fraud. The findings highlight how defi hacks have hit record highs but the Poly Network hack on Tuesday takes the cake.<\/p>\n

Around 9:00 a.m. (EDT) the Poly Network\u2019s official Twitter account tweeted about the massive hack. \u201cWe are sorry to announce that Poly Network was attacked,\u201d the Twitter account said<\/a> and explained that the hacker was able to access funds on various chains.<\/p>\n

Poly Network hacked for over $600 million across Ethereum, Polygon, and BSC. https:\/\/t.co\/e1mJW0gije<\/a>https:\/\/t.co\/84gmgphqAH<\/a>https:\/\/t.co\/3ICgaeJgUs<\/a><\/p>\n

Poly network hasn’t even verified their contracts on Ethereum so it’s tedious to analyze. Here are my current thoughts ?? pic.twitter.com\/WDvMbpGVwN<\/a><\/p>\n

\u2014 Mudit Gupta (@Mudit__Gupta) August 10, 2021<\/a><\/p>\n<\/p>\n

The Poly Network project originally stems from the Neo project which leverages three different blockchain networks. This means the Poly Network hacker was able to obtain funds stemming from the Polygon, Ethereum, and Binance Smart Chain (BSC) protocols.<\/p>\n

The assets stolen include a great number of tokens including ETH<\/a>, DAI, UNI, SHIB, FEI, BUSD, BTCB, ETHB, BNB<\/a>, USDT<\/a>, and more. A great number of people assessed the situation<\/a> on Twitter and although tedious it is estimated that more than $600 million in tokens were stolen.<\/p>\n

<\/p>\n

Hacker Says It Could Have Been More<\/h2>\n

Sushiswap \u201csuper-coder\u201d Mudit Gupta claimed<\/a> that the issue was not a \u201cdefi or smart contract hack but a traditional key compromise combined with irresponsible design decisions taken by Poly Network.\u201d The company Tether Limited has frozen the USDT<\/a> on the Ethereum chain which equates to roughly $33 million.<\/p>\n

. @Tether_to<\/a> just froze ~33M $USDt<\/a> on 0xC8a65Fadf0e0dDAf421F28FEAb69Bf6E2E589963 as part of the #PolyNetwork<\/a> hack https:\/\/t.co\/EviPTAkQJD<\/a><\/p>\n

\u2014 Paolo Ardoino (@paoloardoino) August 10, 2021<\/a><\/p>\n<\/p>\n

The team behind the Poly Network project has also written a letter asking the hacker<\/a> to cooperate with the team. \u201cWe want to establish communication with you and urge you to return the hacked funds,\u201d the letter reads.<\/p>\n

However, it doesn\u2019t seem like the hacker is willing to cooperate with the Poly Network project. Some transaction messages<\/a> that allegedly stem<\/a> from the hacker and can be read on etherscan.io, detail how the hacker is now trolling the project with a few statements.<\/p>\n

\u201cIt would have been a billion hack if I had moved [the] remaining sh**coins. Did I just save the project? Not so interested in money, now considering returning some tokens or just leaving them here.\u201d The hacker\u2019s message continued:<\/p>\n

What if I make a new token and let the DAO decide where the tokens go?<\/p>\n

What do you think about the $600 million defi hack against the Poly Network project? What do you think about the hacker\u2019s trolling comments? Let us know what you think about this subject in the comments section below.<\/strong><\/em><\/p>\n

Bitcoin News
\nNews, $600 Million, $600M, Binance Smart Chain, bnb, BSC, BTCB, BUSD, Ciphertrace, DAI, Defi Hack, ETH, ETHB, Ethereum chain, FEI, Frozen USDT, Hack, Hacker, Hacker Troll, Mudit Gupta, Neo Chain, Poly Network, Polygon Network, shib, Sushiswap coder, UNI, USDT<\/p>\n","protected":false},"excerpt":{"rendered":"

On August 10, the decentralized finance (defi) project Poly Network suffered a loss of over $600 million according to various reports. The hack follows a recent Ciphertrace report on how defi-related hacks and fraud in 2021 have already surpassed 2020. The Poly Network hack on Tuesday is well above the entire year\u2019s worth of defi…<\/p>\n","protected":false},"author":0,"featured_media":10772,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-10771","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","category-coin-news"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/10771"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=10771"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/10771\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/10772"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=10771"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=10771"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=10771"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}