PolyNetwork Down, 57 Assets In 10 Blockchains Affected By Attack

Key Points:

• PolyNetwork announced the suspension of all platform activities to focus on remediation.
• The attack left 57 assets affected across 10 blockchains, with an estimated $34 billion in damage.
• The project contacted most of the project teams and urged them to withdraw liquidity from decentralized exchanges quickly.

According to official sources, PolyNetwork, a cross-chain interoperability protocol, tweeted that they will be suspending services while dealing with the attack. The cause of the attack has not yet been revealed.

The attack affected 57 assets across 10 blockchains. The team has begun communicating with centralized exchanges, cybersecurity experts, and individuals with relevant knowledge. Users with information are also encouraged to contact the platform. The network also expects attackers to cooperate and return users’ assets to avoid any potential legal consequences.

To further mitigate risk, PolyNetwork contacted most of the project teams and urged them to withdraw liquidity from decentralized exchanges quickly. It also advised users holding affected assets to withdraw liquidity and unlock LP tokens quickly.

According to Beosin Alert monitoring, hackers minted over $34 billion in assets across multiple chains, and some of the stolen funds (approximately $800,000) were moved to the Ethereum address: 0xe0Afadad1d93704761c8550F21A53DE3468Ba599.

On the morning of July 2, blockchain security unit Peckshield reported that PolyNetwork had encountered a certain vulnerability, allowing attackers to mint a large number of tokens on many different chains. Specifically, looking at the hacker’s address, it can be seen that he interacted with Poly Network and minted $42.1 billion worth of tokens.

In the past, PolyNetwork on August 10, 2021, was attacked by bad guys, siphoning up to $611 million. It was the most severe crypto hack in history up to that point, surpassed only by Axie Infinity’s Ronin bridge hack in March 2022, which caused $622 million in damage. Under pressure from the project and the crypto community, the hacker returned almost all the money taken from the attack a few days later.

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