DeFi History Books Records The Largest Exploit to Date Worth $600 Million

A historic hack has been making airwaves within the community, plagued by tons of exploits, and now has recorded the biggest ever. Poly Network exploits across three chains saw both Decentralized Finance and the largest hack co-occurring. Shockwaves crippled the crypto world as the news made headlines of crypto being stolen to the tune of 600 million dollars. The multi-chain dApp was the victim of the elaborate exploit. The cross-chain interoperable protocol of Poly Network announced a hacker hitting hard through a tweet on the 10th of August. The notice by Poly Network began with a remorseful remark of it being attacked across “BinanceChain,” “Ethereum,” and “0xPolygon”.

The chains of BSC, Polygon, and Ethereum showcased crypto being siphoned off to the tune of million-dollar tokens worth 253, 85, and 273, respectively. A tweet by Poly Network post the attack appealed for the hacker to reach out to Poly Network’s team. The consideration for the stolen asset owners and the justice of the law was what combined in the appeal by Poly Network. One that urged the stolen funds to be returned by the hacker. The hackers’ addresses have been asked to freeze their tokens by Poly Network, who appealed to the miners and exchanges. The move is said to aid in preventing the tokens from being moved beyond reach by the potential attacker.

Tether has blacklisted a whopping 33 million USDT in response that had links to the attack. Jay Hao, the CEO of OKEx Exchange, made a tweet promising to keep the situation under close observation. A tweet came from Changpeng Zhao, the CEO of Binance, pledging help in any way that he can, which will be at par with the agencies dealing with security. He further corroborated on being aware of the occurrence of the massive exploit on Poly Network. He also stated to proactively assist in coordinating with the security partners even though BSC or ETH has no controls.

DeFi Industry’s Future Prospects

The exploitations in the Crypto-space have been on the rise in recent times. The investors’ confidence has been hit hard due to the series of rugpulls and flashes of loan exploits. There are a ton of news articles by BSCNews that gives detailed info on the previous hacks. The crypto community is on tenterhooks, where the question on everyone’s minds has been when will be the next hack rather than if there will be another hack at all. The protocols in place must be secured to their level best by the platforms and the developers. Much more needs to be done to boost confidence for both crypto investments and DeFi.

Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

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