Cross-chain bridge platform PolyNetwork2 has urged affected users to withdraw after an exploit over the weekend that affected 57 crypto assets across 10 blockchains on its platform.
It did not specify how much was stolen in the attack but Peckshield earlierTokens transferred out of Poly Network. Source:“We have already initiated communication with centralized exchanges and law enforcement agencies and sought their assistance,” the team stated in a July 3 update.
This was accepted by the smart contract enabling the hacker to bypass the verification process allowing them to issue tokens from Poly Network's Ethereum pool to their own address on other chains, such as Metis, BNB Chain, and Polygon.At one point the hacker’s wallet held around $42 billion worth of tokens but was only able to convert and steal a fraction of them, said the analyst.
“This way, the hacker was able to mint billions of tokens on various blockchains that did not exist before and transfer them to their own wallet addresses.” The latest Poly Network exploit has been dubbed by blockchain security solutions provider Dedaub as the “34 billion Poly Network hack.”Poly network had a simple 3 of 4 multisig arrangement over 2 years!
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