Hackers were able to breach the blockchain-based platform Poly Network and extracted more than $600 million in cryptocurrencies on Tuesday, the company announced on Twitter, marking the biggest hack ever in the decentralized finance space that’s heating up among investors.
About $267million of Ether currency has been taken, $252m of Binance coins and roughly $85 million in USDC tokens. Poly tweeted, disclosing that hackers had transferred hundreds of millions of dollars to separate cryptocurrency wallets.
Tether froze more than $30 million in response to the hack; Tether Chief Technology Officer Paul Adroino tweeted.
Poly Network is a cross-chain protocol for swapping tokens across various blockchains. The founder of Chinese blockchain project Neo launched Poly Network in partnership with Ontology and Switcheo.
Poly Network has asked digital asset exchanges and miners to block any tokens coming from the above addresses. The team behind the protocol also promised legal action and requested that hackers return stolen assets.
About an hour following Poly Network’s announcement of the hack, the perpetrator attempted to move stolen assets through the Ethereum address into Curve.fi, but the transaction was blocked. The hackers continued trying for about 20-30 minutes before an anonymous user sent the hackers a message on the blockchain that USD Tether had been blocked.
The user told the hackers to try depositing the stolen tokens without Tether, which the hackers did successfully and they deposited all the addresses into Curve. The hackers then sent the anonymous user about $45,000 worth of ethereum for their help.
