Poly Network Victim of Hacking Attack: A Major Security Breach Uncovered
Poly Network has fallen victim to a hacking attack, a situation confirmed by the blockchain security firm Dedaub. The aftermath of the attack, which took place on July 2, revealed shocking details about how the hacker was able to create billions of tokens.
Poly Network Targeted by Fraudsters – 57 Assets Compromised
On July 2, renowned decentralized finance (DeFi) platform Poly Network announced via Twitter that it had suffered a serious attack. Fraudsters successfully manipulated a smart contract function on the cross-chain bridge protocol, prompting a temporary suspension of services to mitigate further damage. The scale of the breach became clearer in a subsequent update from Poly Network, which disclosed that the attack impacted as many as 57 assets across 10 different blockchains, including Ethereum, BNB Chain, Polygon, and OKX. Although the exact value of the stolen assets remains unknown, initial reports from PeckShield suggest that the hacker managed to transfer at least $5 million in cryptocurrencies.
According to DeFi security analyst Arhat, the method employed by the hackers involved exploiting a vulnerability in the smart contract. By manipulating a fake validator signature and block header, the hacker bypassed the verification process and initiated the issuance of tokens from the Poly Network's Ethereum pool to their own address across various chains. This tactic was replicated on multiple blockchains, leading to a large accumulation of tokens. Despite the scale of the attack, Arhat confirmed that no logical errors were exploited, underscoring the simplicity of the hackers' approach.
Poly Network Striving to Safeguard User Security
Poly Network is now in a critical situation, but it is acting swiftly to address the issue. The platform is cooperating with both centralized exchanges and law enforcement agencies, seeking assistance in combating the attack. To protect its users and project teams, Poly Network has strongly recommended withdrawing funds and unlocking tokens held by liquidity providers.
This incident serves as a reminder for the entire cryptocurrency ecosystem that security must always be a top priority. Without a doubt, tracking and eliminating potential vulnerabilities is becoming an essential element for effectively safeguarding assets and users in today's ever-evolving world of cryptocurrencies.
As the landscape of digital finance continues to shift, it raises an important question: how can platforms like Poly Network and others in the DeFi space enhance their security measures to prevent similar attacks in the future? Ongoing education, rigorous audits, and the implementation of cutting-edge security technologies will be vital in ensuring the resilience of decentralized finance against malicious threats.
