According to reports, hackers have purportedly attacked PolyNetwork, a cross-chain technology, causing a massive dump of Shiba Inu (SHIB) tokens.
The attackers also sold additional assets, including 495 million COOK tokens and 15 million RFuel tokens, for 360 Ether (ETH), according to blockchain analytics company Lookonchain. The company also observed that the offenders are transferring their assets and Ethereum to different wallets, perhaps in anticipation of more sales.
The hack on PolyNetwork is not the first time it has happened. Hackers stole more than $600 million off the network in 2021, making it the biggest crime in the history of decentralised finance (DeFi).
The enormous amount that was taken was subsequently restored, however the incident brought to light the ongoing flaws in the developing crypto industry.
Large sums of BNB and BUSD are apparently unable to be transferred cross-chain at current moment owing to the attack, which further strains the platform’s liquidity.
A limited number of tokens were locked on the source chain before being unlocked in higher numbers on the destination chain, according to the BlockSec team’s description of the assault on PolyNetwork.
Users were reassured not to worry by Yu Xian, the creator of SlowMist, a blockchain security firm, who said that the $4.2 billion in assets taken by the hackers are primarily “air” and would not materialise into genuine assets.
However, it is still evident that security issues in the DeFi sector still exist, and the sector has to keep fortifying its cyber-threat defences.
