Biggest Defi Exploited On PolyNetwork

A biggest hack on PolyNetwork cross chain platform can be seen where hackers steal around $600 Million Worth of crypto assets from the exchanges yet. This is the biggest Defi attack in the Defi history.

Defi success & Vulnerability both are the part of Defi based platforms. Because every month a new Defi hack or attack can be seen on such kinds of projects because of the loopholes & vulnerability issues. A recent hack can be seen in Defi space for THORChain where hackers steal $8 million worth of crypto assets. Now PolyNetwork has become a victim of Defi attack.

Related: Third attack on THORChain In A Month, Lost $8 Million

PolyNetwork is an interoperability protocol that enables atomic-cross chain transactions in between multiple major blockchains networks like Polygon, Binance Smart chain, and Ethereum. 

According to reports, at 8:38 am EST on 10 August, hackers attacked PolyNetwork. The team behind PolyNetwork informed us through twitter.

Hackers stole 2,858 ETH worth of $266.5, 6610 BNB worth of $252. And the last time reported an address which was involved in a hack on the network was around $85 million. So the whole stolen fund exceeds more than $600 million.

Team claimed that, Hackers used Monero to transfer funds on the affected exchanges and then they converted the fund into Ethereum and other assets. 

Team also claimed that they will blacklist the addresses on exchanges which were used for this attack on their network & also they will take suitable legal action against the hackers to return the stolen funds. 

Read also: VanEck Files “Bitcoin Strategy ETF”, Likely to Be Approved