Someone Stole $ 600 Million In Cross-Channel Hack

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Cross-chain protocol Poly Network informed users of an exploit resulting in the theft of assets worth more than $ 600 million by hackers.

The biggest hack in the history of crypto

In a tweet posted on Tuesday, Poly Network revealed that it was the victim of a hack that resulted in the loss of more than $ 600 million in assets on the Binance Smart Chain, the Ethereum mainnet and the Polygon network.

Important Notice: We’re sorry to announce that #PolyNetwork has been attacked on @BinanceChain @ethereum and @ 0xPolygon Assets has been transferred to the following hacker addresses: ETH: 0xC8a65Fadf0e0dDAf421F28FEAb69Bf6E2E589963BSC: 0x0D6E2cfD286

– Poly Network (@ PolyNetwork2) August 10, 2021

Poly Network lists addresses to which funds were transferred in the same Twitter thread, asking miners and crypto exchanges to blacklist tokens from hacker’s addresses. Additionally, Poly Network has threatened legal action, urging hackers to return all assets taken.

Estimates of the amount taken vary, with at least $ 264 million stolen from Ethereum, $ 250 million from Binance Smart Chain and an additional $ 85 million from Polygon. As Poly Network is a multi-chain protocol used by many projects, the full extent of the damage may not yet have been identified.

As news of the hack circulated online, members of the crypto community reacted quickly. Moments before the hacker attempted to deposit the stolen funds into Curve Finance, Tether’s CTO Paolo Ardoino blacklisted the hacker’s address, freezing USDT funds. Unfortunately, the hacker still managed to transfer funds from USDC to Curve’s stablecoin pool, making a recovery nearly impossible.

. @Tether_to just frozen ~ $ 33M USDt on 0xC8a65Fadf0e0dDAf421F28FEAb69Bf6E2E589963 as part of the #PolyNetwork hack https://t.co/EviPTAkQJD

– Paolo Ardoino (@paoloardoino) August 10, 2021

While the Poly Network hack appears to be one of the biggest hacks in cryptocurrency history, it can also rank very high against the biggest heists of all time. Only one other incident appears to have resulted in further loss of money when Saddam Hussein’s son stole $ 930 million from the Bank of Iraq days before the 2003 invasion of Iraq. Not technically a heist, exit scams have also resulted in the loss of large amounts of cryptocurrency. In June, the founders of the South African exchange Africrypt disappeared with more than $ 3.6 billion worth of Bitcoin, making it one of the biggest thefts in history.

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