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.

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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.

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