• Poly Network confirmed that it had fallen victim to a hack, resulting in the hacker being able to issue billions of tokens.
• The exploit impacted 57 crypto assets based on ten blockchains, including BNB Chain, Ethereum, Avalanche, Polygon, OKx and Heco.
• PeckShield reported that the attacker had transferred at least $5 million worth of crypto from the cross-chain bridge.

Poly Network Hack

The Poly Network has fallen victim to another exploit after hackers manipulated a smart contract function on the cross-chain bridge protocol. Poly Network confirmed the hack, adding that it would be temporarily suspending all services.

Impacted Crypto Assets

The attack on Poly Network occurred on the 2nd of July, resulting in the hacker being able to issue billions of tokens seemingly out of thin air to generate a profit. The exploit impacted 57 crypto assets based on ten blockchains, including BNB Chain, Ethereum, Avalanche, Polygon, OKx and Heco. PeckShield reported that the attacker had transferred at least $5 million worth of crypto from the cross-chain bridge.

Initial Response by Poly Network

Poly Network confirmed the attack through its official Twitter handle and stated that it was temporarily suspending services as a result of this attack. In an update issued on 3rd July ,the team initiated communication with centralized exchanges and law enforcement agencies seeking their assistance while also advising token holders to withdraw liquidity and unlock their liquidity provider tokens.

Vulnerability Explained

DeFi security analyst @0xArhat explained how this vulnerability occurred due to a smart contract which allowed hackers to create malicious parameters containing fake validator signatures and block headers which bypassed verification processes allowing them to mint billions of tokens across various blockchain networks such as Metis, Heco and more for their own use or profit making purposes.

Further Updates From Dedaub

Dedaub has dubbed this latest hack ‘Mintgate’ due to its similarities with other DeFi attacks such as rug pulls or flash loans – where attackers manipulate contracts for their own benefit without providing any collateral or funds upfront leading them to escape scot free after executing these types of exploits leaving investors with huge losses in their wake.

Kategorien: Allgemein