In a surprising turn of events, Metis, a prominent blockchain project, has announced the recent Poly Network exploits. Metis took to Twitter to inform its community that only purchases of METIS tokens made on BNBChain addresses before the occurrence of the exploit and the initial sale of exploited METIS by the perpetrator will be recognized.
To ensure accuracy, the Metis team diligently captured a snapshot of BNBChain addresses holding METIS tokens during the Poly Network security breach, as well as during the first sale of the ill-gotten METIS tokens by the exploiters. This move reflects Metis’ commitment to maintaining transparency and fairness within its ecosystem.
Furthermore, the Metis DAO has strongly advised users to refrain from engaging with the METIS contract on BNBChain. As a precautionary measure, they announced plans to deploy a new contract soon. Additionally, the DAO recommended all liquidity providers withdraw their funds from Pancake Swap, a decentralized exchange on Binance Smart Chain.
The exploit that shook the blockchain community originated from the Poly Network, as revealed in their recent tweet on July 2. The attackers successfully manipulated a smart contract function on the cross-chain bridge protocol, resulting in the temporary suspension of Poly Network services.
This incident has had a far-reaching impact, affecting 57 different cryptocurrencies across 10 blockchains, including Ethereum, BNB Chain, Polygon, Avalanche, Heco, OKX, and Metis.
Although Poly Network did not disclose the exact amount stolen during the attack, independent cybersecurity firm PeckShield reported a minimum of $5 million worth of cryptocurrency being transferred by the attacker. Furthermore, CertiK estimated that the exploit resulted in the accumulation of approximately $10 million worth of crypto across five externally owned addresses.
As the aftermath of this unprecedented event unfolds, both Metis and Poly Network are diligently working to address the situation, safeguard user assets, and prevent future occurrences. The blockchain community eagerly awaits further updates on these ongoing developments.