Poly Network Attack Conjures Billions of Dollars in Tokens That 'Did Not Exist'
Poly Network, an interoperability platform, was hacked over the weekend, resulting in the creation of billions of tokens by an attacker who exploited a vulnerability in the platform's cross-chain bridge tool. Poly Network suspended its services and is assessing the extent of the attack and affected assets. The hacker's digital wallet held nearly $43 billion worth of cryptocurrency, but the lack of liquidity prevented them from realizing significant gains. However, on other networks like Ethereum, stolen tokens were swapped on decentralized exchanges, resulting in an estimated $400,000 worth of crypto being converted. The blockchain security firm SlowMist reported that over $4 million worth of digital assets from the hack has been cashed in. Poly Network had previously suffered a $600 million attack in 2021, but most of the stolen funds were returned. This recent hack raises concerns about the platform's security and the possibility of recovering the stolen crypto.