Tuesday, February 27, 2024
HomeSECURITYHack PolyNetwork turned into a fiasco for hackers

Hack PolyNetwork turned into a fiasco for hackers


Attackers have created $34 billion worth of tokens that no one needs.

hackers, who in 2021 stole over $600 million worth of cryptocurrencies from the PolyNetwork platform used it to mint $34 billion worth of tokens. However, the stolen funds cannot be withdrawn due to insufficient liquidity of Metis.

Decentralized Autonomous Organization (DAO) Metis explained that there is not enough liquidity on their platform to exchange BNB and BUSD, which the hackers minted.

Metis Statement

Metis Andromeda also assured its users that their funds were not affected by the attack. In addition, all METIS tokens that were mined by attackers are locked on BNBChain PolyNetwork and cannot be sold.

Head of Binance confirmed that the exchange is helping Poly solve the problem. At the same time, hackers are trying to get rid of what else can be cashed out. LookOnChain reported that part of the tokens ($800 thousand) has already been exchanged for ETH to maintain liquidity.

Crushed assets across multiple chains

This is not the first time PolyNetwork has been hacked. In August 2021, the project fell victim to a similar exploit, in which $610 million worth of tokens stolen . Poly asked the community to help them find and stop the asset leak. Some major players in the crypto industry, such as Tether, have frozen some of the stolen USDT worth $33 million.

6 days after the attack, the hackers said they only wanted check PolyNetwork security and return tokens . They claimed that the motive for the theft was increased protection of the protocol from vulnerabilities .

Source link



Please enter your comment!
Please enter your name here

Most Popular