Poly Network, a renowned cross-chain interoperability protocol, has been the victim of a severe security exploit that has impacted 57 cryptocurrency assets across 10 different blockchains.
The affected blockchains include notable ones such as Ethereum, BNB Chain, Polygon, Avalanche, Fantom, Optimism, Arbitrum, Gnosis, Heco, and OKX.
The protocol revealed the situation via a tweet, noting that its services would remain suspended as they continued to address the attack. The severity of the hack, which Beosin Alert monitoring reported as the hacker minting over $34 billion worth of assets on multiple chains, prompted Poly Network to communicate with their users and ask for assistance.
While the protocol has yet to reveal the total amount stolen, cybersecurity firm Peckshield reported that at least $5 million worth of crypto has been transferred out by the attacker.
A portion of these stolen funds, approximately $800k, was bridged to an Ethereum address that starts with 0xe0A.
To mitigate further risk and potential legal consequences, Poly Network has contacted most project teams and urged them to swiftly withdraw liquidity from DEX. They also advise users to proceed with withdrawing liquidity and unlocking their LP tokens.
In these testing times, Poly Network has expressed its hope to collaborate with the attackers for the return of user assets. The company is also seeking assistance from CEX and law enforcement agencies to address the matter.
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