Hacker with gloves

Cross-chain decentralized finance (DeFi) protocol Poly Network has become the victim of one of the largest exploits in DeFi history, with the platform loosing around $600 million from three chains, Poly Network said on Twitter on 10 August.

According to the announcement, the unknown attacker targeted the three blockchains Poly Network operated on — namely Ethereum, Binance Smart Chain, and Polygon — from which he was able to steal around $600 million in digital assets. More precisely, he was able to obtain roughly $273 million worth of tokens from Ethereum, $253 million from BSC, and around $85 million from Polygon. Poly Network tweeted:

“We call on miners of affected blockchain and crypto exchanges to blacklist tokens coming from the above addresses.”


The platform also urged the attacker to establish contact with them and return the stolen funds, otherwise it would be forced to take legal actions, and considering the size of the exploit “law enforcement in any country will regard this as a major economic crime and you will be pursued”.

Various figures in the crypto and DeFi space have already started providing assistance and support to Poly Network. The CEO of OKEx, Jay Hao, said his team was now “watching the flow of coins, and will do our best to manage the situation”, while Changpeng “CZ” Zhao, Binance’s CEO, stated that Binance was coordinating with “all our security partners” to proactively help Poly Network. Tether, on the other hand, has reportedly already frozen around $33 million in USDT in one of the addresses.

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