News exploit

Massive Poly Network Hack Update

single-image

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.

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.

Advertisement

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.CRYPTOCASTER® - DECENTRALIZED FREEDOM!
Read More at UTODAY


We hope you appreciated this article. Before you move on, I was hoping you would consider taking the step of supporting CryptoCaster’s journalism. 

From  Elon Musk, Larry Fink(BlackRock) to Jamie Dimon(JP Morgan Chase) a number of billionaire owners have a powerful hold on so much of the hidden agendas’ which eludes the public concerning the paradigm shift juxtaposed by cryptocurrency and web3 emerging technologies. CryptoCaster is different. We have no billionaire owner or shareholders to consider. Our journalistic efforts are produced to serve the public interest in crypto development and institutional disruptions – not profit motives.

And we avoid the trap that befalls much U.S. and global media – the tendency, born of a desire to please all sides, to engage in false equivalence in the name of neutrality and retail consumer protection. While fairness and transparency dictates everything we do, we know there is a right and a wrong position in the fight against fiat global banking interest and monetary reconstruction precipitated by the emerging crypto ecology.

When we report on issues like the FTX, Binance and Ripple crisis, we’re not afraid to name who or what is uncovered. And as a crypto sentinel, we’re able to provide a fresh, outsider perspective on the global monetary disruption – one so often missing from the insular American and European media bubble. 

Around the world, readers can access the CryptoCaster’s paywall-free journalism because of our unique reader-supported model. That’s because of people like you. Our readers keep us independent, beholden to no outside influence and accessible to everyone – whether they can afford to pay for news and information, or not.

We thankyou for the on-going support our readers have bestowed monetarily. If you have not considered supporting CryptoCaster, if you can, please consider supporting us just once from $1 or more of Bitcoin (satoshi) or Eth, and better yet, support us every month with a little more. Scroll further down this page to obtain CryptoCaster’s wallet addresses.

Thank you.

Kristin Steinbeck
Editor, CryptoCaster

Please Read Essential Disclaimer Information Here.
© 2022-2023 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
MATIC – 0x7D8D76E60bFF59c5295Aa1b39D651f6735D6413D
LITECOIN – ltc1qxsgp5fykl0007hnwgl93zr9vngwd2jxwlddvqt

You may also like