All-time record cryptocurrency theft
On Tuesday, hackers hacked and withdrew 611 million in cryptocurrency from the Poly Network DeFi project
Aug 11, 2021
1 min read
Anna BakkerNews analyzer

The multinational blockchain platform Poly Network was hacked on Tuesday. Hackers managed to withdraw $ 611 million in cryptocurrency, which is the largest theft of digital assets in history.

The funds were transferred by cybercriminals to various cryptocurrency wallets. Poly Network posted addresses of alleged hackers, urging them to block token transfers from such senders.


The previous anti-record belonged to the Japanese exchange Coincheck, which in 2018 nominally lost over $ 500 in NEM tokens, thus surpassing even the infamous Mt.Gox hack, writes ttrcoin.

According to the expert, the reason for the hack was a problem with cryptography - hackers somehow forged the signature of the transaction in order to steal funds.

The administration of the platform reported that after the start of the investigation, a vulnerability in the system was found. It is possible that among the dozens of such projects interacting with Poly Network, new victims will be found.

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One of the Twitter users sent the transaction to one of the addresses identified by the stolen funds. In the signature, he warned the hacker that the USDT in his possession were blacklisted. In gratitude for the help, the hacker sent $ 42,000 in ETH to his address. Other users are now also sending transactions with congratulations and even recommendations for money laundering.

The Poly Network protocol allows for the transfer of tokens between different blockchains. It is developed by an alliance of the teams behind the Neo, Ontology and Switcheo blockchain platforms.

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