Biggest DeFi Hack? PolyNetwork Exploited for $600M in ETH, BNB, and USDC

The interoperability protocol PolyNetwork has been exploited on Binance Smart Chain, Polygon, and Ethereum. The perpetrators have set a record within the decentralized finance space by swiping more than $600 million from at least three wallet addresses. 

  • Earlier on August 10th, PolyNetwork announced on its Twitter account that it had experienced a security breach.  
  • The team behind the project indicated that assets stored on Binance Smart Chain, Ethereum, and Polygon had been transferred to other addresses belonging to the hackers.  
  • The ETH address, which has already been reported to be involved in the hack, currently contains 2,858 ETH tokens with a value of $266,5 million. 
  • The Binance Smart Chain wallet has more than 6,610 BNB tokens. The value in USD terms represents just a bit over $252 million. 
  • Lastly, the Polygon address shows $85 million. Ultimately, the total amount stolen exceeds $600 million as of writing these lines.  
  • PolyNetwork also urged cryptocurrency exchanges to blacklist any tokens coming from these addresses.  
  • Additionally, the team promised to “take legal actions” and asked the hackers to return the stolen funds.  
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