- Poly Network informed its users that their services would continue to be suspended temporarily.
- The cross-chain bridge protocol further mentioned that 57 assets had been affected across the following 10 blockchains.
- Several projects were quick to take action as a response against this hidden attack, thus, reducing the risk.
In light of the recent attack, Poly Network, a cross-chain bridge protocol, informed its users that their services would continue to be suspended temporarily. Poly Network further mentioned that 57 assets had been affected across the following 10 blockchains: Ethereum, BNB Chain, Polygon, Avax, Fantom, Optimism, Arbitrium, Gonosis, Heco, and OKX.
Moreover, the cross-chain bridge protocol also shared the address details which currently hold a major portion of the assets through a Twitter thread.
As a result of the attack, 57 assets have been affected on 10 blockchains. https://t.co/Q5MudJInr9The major portion of the assets currently held by following addresses. 【3/7】— Poly Network (@PolyNetwork2) July 2, 2023
Poly Network also confirmed that they have reached out to various centralized exchanges and law enforcement agencies to seek their assistance in this digital breach.
To mitigate the risk of the recent cyber atrocity, Poly Network communicated with various project teams and urged them to “promptly withdraw liquidity from decentralized exchanges.” Concurrently, Poly Network also advised its users who hold the affected assets to “expedite the process of withdrawing liquidity and unlock their LP tokens.”
Yesterday, Poly Network announced that they had faced an attack. Although the Poly Network hack rattled the crypto community, several projects were quick to take action as a response against this hidden attack.
For instance, Neo, which launched Poly Network along with other founding members, declared that they temporarily suspended the cross-chain bridge service linking Neo. Meanwhile, Metis DAO stated that “there is no sell liquidity” for newly minted BNB and BUSD on Metis, making it almost worthless. METIS is one of 57 assets that was affected by the hack.
Several blockchain security companies and security analysts have begun their investigations to find out the cause behind Poly Network’s hack. For instance, the crypto analyst Arhat deduced that the hack happened because of a smart contract vulnerability in Poly Network’s cross-chain bridge tool.
At the same time, Dedaub, a web3 security solutions platform, claimed, “Poly network had a simple 3 of 4 multisig arrangement over 2 years!” Hence, the web3 security solutions platform summarized that the private keys to addresses marked were compromised.
Getting to the bottom of the "34 billion" Poly network hack with a technical postmortem.TL ; DRPoly network had a simple 3 of 4 multisig arrangement over 2 years!Looking at the final event we found that the private keys to the addresses marked were compromised. pic.twitter.com/Y0eMJXcYso— Dedaub (@dedaub) July 2, 2023
The web3 data analysis platform Lookonchain reportedly was the first to alert the crypto community claiming that hackers sold a large chunk of assets — 94 billion $SHIB for 360 $ETH, 495 million $COOK for 16 $ETH, and 15 million $RFuel for 27 $ETH.
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