Charlotte Weasley Tech 08.10.2021 11:Aug AM EDT

DeFi Site Poly Network Hacked: Biggest Cyrptocurrency Attack May Amount to $600 Million, What Will Happen Now?

The biggest hack in crypto history just happened as cross-chain decentralized finance (DeFi) platform Poly Network was attacked alledgedly taking $600 million crypto.

"We are sorry to announce that #PolyNetwork was attacked on @BinanceChain @ethereum and @0xPolygon," the developers stated in an annoucement in Twitter. "We call on miners of affected blockchain and crypto exchanges to blacklist tokens coming from the above addresses."

Important Notice:
We are sorry to announce that #PolyNetwork was attacked on @BinanceChain @ethereum and @0xPolygon Assets had been transferred to hacker's following addresses:
ETH: 0xC8a65Fadf0e0dDAf421F28FEAb69Bf6E2E589963
BSC: 0x0D6e286A7cfD25E0c01fEe9756765D8033B32C71
— Poly Network (@PolyNetwork2) August 10, 2021

Polygon: 0x5dc3603C9D42Ff184153a8a9094a73d461663214

We call on miners of affected blockchain and crypto exchanges to blacklist tokens coming from the above addresses. @binance @HuobiGlobal @OKEx @CoinbasePro
— Poly Network (@PolyNetwork2) August 10, 2021

The Poly team has identified the attackers' addresses wherein the record-breaking amount was transferred. It is said that different addresses that were allegedly used by the hackers affected Ethereum that has $264.8 million worth of crypto, Binance Smart Chain with $250.8 million, and Polygon holding $85 million.

Also Read: Kaseya Ransomware Attack 2021: Complete Details, $70 Million Ransom, How to Stay Safe From Hacking

What Will Happen Now After the Attack?

An hour after the announcement, the hackers tried to drain more assets to the Ethereum address into liquidity pool Curve.fi but was rejected.

The team also said that they will be taking legal actions to the attackers demanding for the return of the stolen assets. They also called to all miners to blacklist tokens from the addresses they mentioned above.

To avoid getting affected by the attack, Tether CTO Paolo Ardoino announced on Twitter that they froze about $33 million.

. @Tether_to just froze ~33M $USDt on 0xC8a65Fadf0e0dDAf421F28FEAb69Bf6E2E589963 as part of the #PolyNetwork hack https://t.co/EviPTAkQJD
— Paolo Ardoino 🍐 (@paoloardoino) August 10, 2021

Poly Network was the second Chinese interoperability protocol launched by the founder of Chinese blockchain project Neo. This was also featured on the government-backed Blockchain-based Service Network.