Skip to main content

Market Overview

Hacker Steals Over $10M In Ethereum, Poly Network Tells Users 'Withdraw Liquidity'

Share:
Hacker Steals Over $10M In Ethereum, Poly Network Tells Users 'Withdraw Liquidity'

In a significant security breach, cross-chain bridge Poly Network has been exploited.

What Happened: The attacker reportedly pocketed about $10.1 million worth of Ethereum (CRYPTO: ETH), or 5,196 ETH, marking a significant hit to the platform.

The attack has affected 57 assets on 10 blockchains, with the majority of the assets currently held by the attacker's addresses.

The attacker also minted over $34 billion worth of assets across multiple chains.

Security firm Beosin noted that the attacker might not be able to cash out other stolen tokens, valued at around $260 million, due to low liquidity.

Also Read: Bitcoin Gains Unexpected Allies As Financial Giants Turn From Skeptics To Supporters

Why It Matters: This is not the first time Poly Network has been targeted.

The platform was exploited in 2021, raising concerns about its security measures. Some of the stolen funds amounted to $800,000, and have been traced to an Ethereum address.

In response to the attack, Poly Network released a statement informing users that their services would remain temporarily suspended as they continue to address the situation.

For the most recent incident, the platform hired cybersecurity professionals and individuals with relevant knowledge to aid in their investigation. Poly Network also notified centralized exchanges and law enforcement agencies. Whether the attacker will cooperate and return the user assets to avoid potential legal consequences remains to be seen.

What's Next: In an effort to minimize further risks, Poly Network is urging project teams to withdraw liquidity from decentralized exchanges.

They also advise users who hold the affected assets to expedite the process of withdrawing liquidity and unlocking their LP tokens.

Read Next: Celsius Gets Court Clearance For Crypto Payback To Creditors

Join Benzinga's Future of Crypto in NYC on Nov. 14, 2023 to stay updated on trends like AI, regulations, SEC actions & institutional adoption in the crypto space. Secure early bird discounted tickets now!

 

Related Articles ($ETH)

View Comments and Join the Discussion!

Posted-In: blockchain security crypto asset Crypto Attack Crypto BillionaireCryptocurrency News Top Stories Markets

Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
SPAC
Everything you need to know about the latest SPAC news.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com