Exploiters seize billions in stolen crypto
Crypto hackers steal cryptocurrency through phishing or by enticing individuals on cryptocurrency exchanges. They can use software tools to trick people into crypto-related fraud.
Following the breach, Poly Network informed its users and customers that it was temporarily suspending its services and that it would keep the community updated on upcoming improvements.
According to a recent update from the team, the attack affected about 57 crypto assets across ten different blockchains, including Ethereum, Avalanche, Heco, OKX, and Metis, among numerous others.
While the amount wiped during the hack has not been specified, hackers transferred about $5 million worth of crypto tokens, according to PeckShield’s statement.
The Poly Network community revealed on the morning of June 3 that the team has already initiated communication with centralized crypto exchanges and law enforcement departments and has enlisted their help.
Dear users, we would like to inform you that Poly Network is temporarily discontinuing its services due to a recent attack. We are actively engaged in discussions with relevant parties and are carefully assessing the size of the affected assets. 【1/3】
— Poly Network (@PolyNetwork2) July 2, 2023
According to Arhat, a DeFi security analyst, the hack occurred by violating a smart contract, which allowed the hackers to design malicious parameters with a fake validator signature and block header.
According to Dedaub, a blockchain security provider, the recent Poly Network hack is worth $34 billion.
Getting to the Bottom of the “34 Billion” Poly Network Hack with a Tech Autopsy.
TL; Dr
Poly network had a simple 3 or 4 multisig arrangement over 2 years!
Looking at the latest event, we found that the private keys of the marked addresses had been compromised. pic.twitter.com/Y0eMJXcYso
— Dedaub (@dedaub) July 2, 2023
After the incident, the Poly Network team asked for help from exchanges and miners in tracking down and freezing the stolen tokens. Players from many industries could then work together to stop the transfer of assets. For example, Tether froze $33 million worth of USDT.
The Poly team requested that the offenders return the stolen tokens in an open letter posted on Twitter. All assets were returned to Poly Network within 15 days.
Six days after the initial attack, the hackers revealed that they had always intended to return the tokens. They said the raid was carried out to expose vulnerabilities and improve the security of the Poly network.
Crypto Hacks in 2023
Crypto hackers steal cryptocurrency through phishing or by enticing individuals on cryptocurrency exchanges. They can use software tools to trick people into crypto-related fraud.
The crypto hack that took place over the past year was the largest in history and is worth about $3.8 billion. DeFi protocols and North Korea are responsible for the majority of hacking. This figure dropped dramatically in Q1 2023. The amount stolen was lower than any other quarter in 2022.
TRM Labs confirms this demise, but advises that it is not a long-term solution. TRM Labs manages risk and consent for a global network of financial institutions. Cryptocurrency companies are also included. It combines blockchain data with powerful analytics to help financial organizations fight fraud.
disclaimer
The views and opinions of the author, or of individuals named in this article, are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto-assets carries a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies during his postgraduate training. He is a keen observer of details and shares his passion for writing with his developer. His background knowledge of blockchain helps bring a unique perspective to his writing