Binance CEO Changpeng “CZ” Zhao has issued a clarification following the massive Poly Network hack earlier today. On Sunday morning, attackers minted millions of tokens after exploiting a smart contract mechanism in the bridge tool of the DeFi platform Poly Network.
The Binance CEO stated that the issue at Poly Network does not affect Binance users as it does not support deposits from the network. He added that the Binance security team is aiding in ongoing investigations.
CryptoCaster Quick Check:
“This does not affect Binance users. We do not support deposits from this network. Our security team is assisting them in its investigations, though. Stay SAFU,” Zhao tweeted.
This does not affect @Binance users. We do not support deposits from this network. Our security team is assisting them in its investigations though. Stay #SAFU. https://t.co/0EsD5Ux6vW
— CZ 🔶 Binance (@cz_binance) July 2, 2023
Poly Network has already notified users that its service has been temporarily suspended due to the enormous attack. It says it is working with relevant parties to determine the scope of the affected assets.
The attack on Sunday would be the second time Poly Network has been targeted by attackers.
Stay in the know on crypto by frequently visiting Crypto News Today
In 2021, hackers committed the largest cryptocurrency heist in history, stealing over $600 million in digital coins from the cross-chain protocol, only to return nearly all of the assets less than 48 hours later.
Huge millions of assets issued on several chains
Wu Blockchain provides details on the hack, wherein the attackers issued a huge quantity of assets on several chains.
His tweet reads: “Just In: PolyNetwork is suspected to be hacked again. Hackers issued additional huge assets on several chains: 99,999,184 BNB and 10 billion BUSD were issued on Metis, and 999.8127 trillion SHIB was issued on Heco; 87,579,118 COW and 999,998,434 OOE; 636,643,868 STACK; 88,640,563 GM; and 2,175,053 03 were issued on Polygon; and 378,028,371 STACK; 82,854,568 XTM; 11,026,341 SPAY; issued 89,383,712 GM on Avalanche; 8,882,911 METIS; 926,160,132 DOV; 978,102,855 SLD; and other assets were issued on BSC.”
On-chain analytics firm Lookonchain hints at attempts to sell some of the crypto assets by the attackers. In a tweet, it stated, “It seems that Poly Network was attacked again; hackers minted a lot of assets. Hackers have sold 94 billion SHIB for 360 ETH, 495 million COOK for 16 ETH, and 15 million RFuel for 27 ETH. And we noticed that hackers are transferring assets and 1 ETH to new wallets, most likely for sale.”
Metis, an Ethereum Layer 2 solution provider, made it known on Twitter that it was aware of the situation at Poly Network, adding that there is no “sell liquidity available” for the newly minted BNB and BUSD. Also, METIS tokens on the Poly Network bridge have been locked and thus have limited liquidity.
Read More at UTODAY
We hope you found this article insightful. Before you go, please consider supporting CryptoCaster’s independent journalism.
In the world of media owned by billionaires like Elon Musk, Larry Fink (BlackRock), and Jamie Dimon (JP Morgan Chase), influence over narratives surrounding cryptocurrency and Web3 often reflects their interests. CryptoCaster is different. With no billionaire backers or shareholder obligations, we are committed solely to public interest journalism, covering crypto advancements and institutional changes without profit-driven motives.
Unlike much of mainstream media, which can fall into neutrality traps that obscure the real impacts on retail investors, we’re guided by transparency and integrity. We are unafraid to take a stand in the ongoing struggle against fiat banking dominance and in support of the monetary innovation driven by crypto and Web3. Reporting on issues like FTX, Binance, and Ripple, we bring a bold, unfiltered outsider’s view on global financial disruption—free from the constraints of traditional media narratives.
CryptoCaster remains paywall-free, accessible to everyone, thanks to the support of readers like you. Your contributions keep us independent and help ensure that critical information on the crypto landscape reaches all. If you value our work, please consider supporting us with a one-time contribution starting at just $1 in Bitcoin or Ether, or even monthly if you’re able. Scroll down to find our wallet addresses and help keep CryptoCaster independent and thriving.
Thank you for your support,
Kristin Steinbeck
Editor, CryptoCaster
Please Read Essential Disclaimer Information Here.
© 2024 Crypto Caster provides information. CryptoCaster.world does not provide investment advice. Do your research before taking a market position on the purchase of cryptocurrency and other asset classes. Past performance of any asset is not indicative of future results. All rights reserved.
Contribute to CryptoCaster℠ Via Metamask or favorite wallet. Send Coin/Token to Addresses Provided Below.
Thank you!
BTC – bc1qgdnd752esyl4jv6nhz3ypuzwa6wav9wuzaeg9g
ETH – 0x7D8D76E60bFF59c5295Aa1b39D651f6735D6413D
SOL – DLvdMu85dW6pZMhw2E4S3pp81qQQGpy5UcdTsFEFBu4b
LITECOIN – ltc1qxsgp5fykl0007hnwgl93zr9vngwd2jxwlddvqt