Changpeng “CZ” Zhao, CEO of Binance, has provided clarity in the wake of the significant Poly Network attack that occurred earlier today. After taking advantage of a smart contract feature in the bridge tool of the DeFi platform Poly Network on Sunday morning, the attackers created millions of tokens.
According to the CEO of Binance, because Poly Network does not accept network deposits, the problem there does not effect users of Binance. The Binance security team is assisting with ongoing investigations, he noted.
“Users of Binance are unaffected by this. This network’s deposits are not supported by us. However, our security staff is aiding them in their inquiries. Stay SAFU,” tweeted Zhao.
Users of Poly Network have already been informed that the service has temporarily been halted as a result of the serious attack. It claims to be collaborating with pertinent partners to identify the extent of the impacted assets.
The assault on Sunday would be the second time assailants have specifically targeted Poly Network.
Hackers stole almost $600 million in digital currencies from the cross-chain protocol in 2021, committing the biggest cryptocurrency theft in history. Less than 48 hours later, nearly all of the assets were recovered.
Huge millions of assets issued on several chains
Wu Blockchain outlines the hack, in which the perpetrators distributed a sizable number of assets over many chains.
“Just In: PolyNetwork is suspected of being hacked again,” says his tweet. Additional massive assets were released by hackers on many chains: 99,999,184 BNB and 10 billion BUSD were issued on Metis, and 999.8127 trillion SHIB was issued on Heco; 87,579,118 COW and 999,998,434 OOE; 636,643,868 STACK; 88,640,563 GM; and 2,175,053 03 were issued on Polygon; and 378,028,371 STACK; 82,854,568 XTM; 11,026,341 SPAY; issued 89,383,712 GM on Avalanche; 8,882,911 METIS; 926,160,132 DOV; 978,102,855 SLD; and other assets were issued on BSC.”
Lookonchain, an on-chain analytics company, suggests that the attackers may have tried to sell some of the crypto assets. “It seems that Poly Network was attacked again; hackers made off with a lot of assets,” it said in a tweet. For a total of 360 ETH, hackers have sold 94 billion SHIB, 495 million COOK, and 15 million RFuel. Additionally, we have seen that hackers are moving assets and 1 ETH to different wallets, perhaps for commercial purposes.
A company called Metis, which offers Ethereum Layer 2 solutions, tweeted that it was aware of the circumstances at Poly Network and added that there is no “sell liquidity available” for the freshly created BNB and BUSD. Additionally, the Poly Network bridge’s METIS coins have been frozen, limiting their liquidity.
