PolyNetwork has allegedly been hacked again, according to PeckShield Inc. It is an on-chain security and data analytics company. It appears that the hackers made multiple transactions with huge assets on several chains.
PolyNetwork’s assets have reportedly been hacked, and the perpetrators have added a large number of assets to several chains.
On Heco, there are 9998127T SHIB; Metis received 99,99,184 BNB and 10 billion BUSD, while Polygon now has 87,579,118 COW, 999,999,434 OOE, 636,643,868 STACK, 88,640,563 GM and 2,175.0 53 03. Avalanche also appears to have received 82,854,568, XTM, 378,374,568, 89,383,712 GM and BSC, 926,160,132 DOV, 978,102,855 SLD, and 8,882 911 METIS.
According to Metis, the newly minted BNB and BUSD on the platform, there is no selling liquidity available. Thus, the funds held in Metis Andromeda are safe because the huge amount of assets will not cross-chain. The platform also confirmed that it is in contact with PolyNetwork to reduce the impact of the attack and assess the situation further.
Yu Xian, founder of SlowMist, Find You don’t have to worry because the $4.2 billion assets the hackers have are mostly “air” and won’t be tangible assets.
Binance CEO Chanpeng Zhao took to Twitter to say that the attack does not affect Binance users because the exchange does not support deposits from PolyNetwork. He further said that the Binance security team is assisting with the investigation.
So far, PolyNetwork has not released an official statement regarding the hack.
PolyNetwork’s second hack in two years
The latest breach isn’t the first time PolyNetwork has been attacked. Earlier, in August 2021, PolyNetwork had a massive hack where the platform lost more than $600 million. The hack has been called the greatest DeFi hack ever. According to reports, the breach was caused by mismanagement of access rights between two major Poly smart contracts, EthCrossChainManager and EthCrossChainData.
Since the hacker returned roughly $600 million minus $33 million in Tether, the issuer froze those funds shortly after the theft. In a letter, the hacker previously claimed that PolyNetwork offered them $500,000 to return the money, which they refused despite being granted immunity.
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According to another a reportIn the second quarter of 2023, more than 208 million in DeFi were stolen, with only $4.5 million recovered. The report noted that DeFi hacks in the second quarter increased seven times year over year. There were 117 reported incidents in the second quarter of 2023 compared to only 17 in the same period of 2022. The report pointed to the same high numbers in the first half of 2023, when about $665 million was lost due to hacks.