Threat Management

Millions lost in Poly Network hack

China-based decentralized finance platform Poly Network had millions worth of cryptocurrency stolen in a cyberattack over the weekend, prompting the immediate suspension of its operations, according to The Record, a news site by cybersecurity firm Recorded Future. Fifty-seven assets across 10 blockchains, including Ethereum, Metis, Polygon, and Binance's BNB Chain, have been compromised by threat actors, who were able to exploit the DeFi platform to enable endless token exfiltration, reported Poly Network, which noted in a tweet on July 2 that it has already sought the help of law enforcement and centralized exchanges in investigating the incident while urging withdrawal liquidity withdrawals to curb risks. Total cryptocurrency stolen by attackers remains unclear, with various blockchain security firms estimating losses ranging from $10.1 million to $20 million, while MetaSleuth and Beosin noted that the attack resulted in the theft of nearly $260 million worth of Binance cryptocurrency although low liquidity may have prevented the release of such funds. Binance has already emphasized that none of its users are affected by the incident while Metis and other cryptocurrency platforms have temporarily halted connections with Poly Network in the wake of the hack.

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