Crypto Platform Poly Network Hacked for $600 Mln in Tokens

According to Reuters, hackers pulled off the biggest ever cryptocurrency heist on Tuesday, stealing more than $600 million in digital coins from token-swapping platform Poly Network.

20 August 2021

What was the heist about?

Poly Network operates on the Binance Smart Chain, Ethereum and Polygon blockchains. Tokens are swapped between the blockchains using a smart contract which contains instructions on when to release the assets to the counterparties.

One of the smart contracts that Poly Network uses to transfer tokens between blockchains maintains large amounts of liquidity to allow users to efficiently swap tokens, according to crypto intelligence firm CipherTrace.

Poly Network tweeted on Tuesday that a preliminary investigation found the hackers exploited a vulnerability in this smart contract…

Read more: Explainer: How hackers stole and returned $600 mln in tokens from Poly Network by Gertrude Chavez-Dreyfuss and Michelle Price