March 31, 2023
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Cross Chain Heist: Poly Network Taken to the Tune of $600 Million

In a developing story, a hacker reportedly exploited an inadequate signing process to make off with more than $600 Million in various cryptocurrencies from cross-chain DeFi. Those included in the attack are Ethereum, Polygon, and BSC.

If the amount is accurate, the theft marks one of the largest cryptocurrency thefts in history.

What We Know

On Tuesday, Poly Network tweeted out confirming the attack on its network.

Poly called on miners to blacklist tokens coming from the target wallets.

Tether froze around 33M USDT associated with the suspected wallets.

According to a competent analysis tweeted by Mudit Gupta, the impacted contract required validation of a single signature to execute the transfer and speculated that a single key could have been obtained through traditional means.

The alleged use of a single key emphasizes that the fundamentals of security remain critical even in the age of more sophisticated DeFi hacks.

Stay with us as this story unfolds.