Poly Network suffers a second attack where hackers mint and sell billions of dollars’ worth of assets, including 94 billion SHIB, 495 million COOK, and 15 million RFuel.
Lookonchain observes hackers transferring assets and ETH to new wallets, hinting at their intentions to liquidate more assets.
Binance CEO reassures that Binance users are unaffected and Metis addresses the safety of funds on Metis Andromeda.
In a staggering blow to the crypto ecosystem, Poly Network, a cross-chain DeFi platform, faced its second assault by hackers who have aggressively minted and sold billions in assets. The scale of this attack is astounding, with assets such as 94 billion SHIB, 495 million COOK, and 15 million RFuel being targeted.
Blockchain analytics firm Lookonchain was among the first to detect unusual activity. The firm revealed that large transfers of assets and Ethereum were being shifted to new wallets. This indicates that the attackers were possibly plotting to sell these assets in haste, potentially flooding the market.
In the wake of the attack, there was a frenzy of responses from various entities in the cryptocurrency space. Metis, a blockchain platform, addressed the concerns via Twitter, assuring the community of the safety of funds on Metis Andromeda, its Layer 2 Rollup. In their tweet, Metis urged users to exercise caution and asserted their commitment to security and community protection.
Binance, one of the world’s largest cryptocurrency exchanges, also addressed the issue promptly. Changpeng Zhao, the CEO of Binance, tweeted that Binance users were not impacted by the attack since Binance does not support deposits from Poly Network. He went further to explain that the Binance security team is actively assisting in the investigation of the hack.
This breach exposes the vulnerabilities of the DeFi sector and raises pressing questions regarding security and safeguards. The crypto community will undoubtedly be observing the aftermath of this attack and the measures that Poly Network and other entities take to thwart future attacks and ensure user funds’ safety.
Rida Sarwar, a seasoned journalist with a knack for the new-age financial landscape. With 5+ years under her belt, Rida has an extensive background in Crypto, Fintech, and Blockchain journalism. Her analytical skills, coupled with her passion for decrypting complex tech phenomena, make her a reliable source for insightful, well-researched narratives. Guiding the uninitiated through the maze of the digital finance world, one article at a time. 📚💻🌐🚀