Poly Network Exploit Leads to $42B Loss and Shutdown
• On July 2nd, hackers exploited a flaw in the Poly Network cross-chain bridge protocol and generated billions of tokens.
• Approx. $42B worth of cryptocurrencies was stored in the attacker’s wallet at one time.
• As a result of the attack, Poly Network had to temporarily shut down operations and requested assistance from cybersecurity professionals.
Poly Network Exploit Leads To Temporary Shut Down of Operations
On July 3rd, 2023 at 1:13 pm reports emerged that on Sunday, July 2nd hackers managed to exploit a flaw in the Poly Network cross-chain bridge protocol and generate billions of tokens over several blockchains. The amount stored in the hacker’s wallet totaled approximately $42B worth of cryptocurrencies at one time.
Poly Network Responds To Attack
As a result of this attack, Poly Network had to temporarily shut down operations and requested assistance from cybersecurity professionals and individuals with relevant knowledge. They also stated that 57 assets were affected across 10 distinct blockchains with an estimated profit for the hacker as $5 million as of now.
Previous Attacks On Poly Network
The Poly Network has been no stranger to attacks as early as August 2021 when hackers noticed they could make money by targeting bridges. In 2021 there was an alleged theft from the network wherein $600 million was stolen although eventually, $342 million were recovered.
Commonality Of Cross Chain Protocol Flaws
The commonality between all these incidents is that they targeted flaws in cross-chain protocols which are becoming increasingly popular nowadays due to their functionality in connecting different blockchain networks together without any problems usually associated with such transactions like speed and cost concerns among others.
It is important for developers to be aware that these kinds of exploits can happen if proper precautionary measures are not taken while developing new protocols or systems which use them so as to protect user funds from falling into malicious hands or being lost forever due to irreparable damage caused by such exploits