The hackers generated vast quantities of many distinct coins over several blockchains.

Approx $42B worth of cryptocurrencies was stored in the attacker’s wallet at one time.

After a significant attack that compromised more than 57 assets across many blockchain platforms on Sunday, July 2, Poly Network temporarily shut down its operations. Poly Network, an interoperability platform, was severely hacked over the weekend when an attacker used a flaw in the cross-chain bridge protocol to generate billions of tokens.

The hackers generated vast quantities of many distinct coins over several blockchains. In addition, they produced 24 billion BUSD and BNB on Metis and 999 trillion SHIB (999 trillion) on the Heco blockchain.

57 Assets Affected

The hacker created new blockchains, generated billions of tokens, and transferred them to their own wallets. Approximately $42 billion worth of cryptocurrencies was stored in the attacker’s wallet at one time. However, it is difficult for them to sell these tokens and generate big gains due to low market demand. The projected profit is $5 million as of right now.

The Poly Network stated:

“Dear users, As we continue to address this situation, we regret to inform you that our services will remain temporarily suspended. We kindly request the assistance of cybersecurity professionals and individuals with relevant knowledge. If you possess any information that could aid us in this endeavor, we encourage you to actively contact us”.

As was previously stated, the Poly Network attack affected 57 assets spread over 10 distinct blockchains. The Poly Network has been the target of serious cyberattacks before.

As early as August 2021, hackers realized that they might make money by targeting bridges. There was a lot of talk in 2021 about the theft that stole $600 million from Poly Network. Although $342 million worth of funds were recovered.

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Filed under: Bitcoin - @ July 3, 2023 9:13 am