Security News > 2021 > August > $600m in cryptocurrencies swiped from Poly Network servers after security snafu

Poly Network, a Chinese software biz that processes cryptocurrency transactions across different blockchain platforms, urged hackers to return $600m worth of stolen digital cash in what it called the "Biggest [attack] in DeFi history."

Protocols like Poly Network allow cryptocurrency traders to exchange digicash across various blockchains; they can be used to swap Bitcoin for Ethereum, for example.

Poly Network advised its customers, including cryptocurrency exchanges like Binance and Coinbase Pro as well as miners to block transactions from specific addresses to prevent the hacker from exchanging digital tokens into cryptocurrencies.

Some of the $600m swiped from Poly Network appears to have been liquidated, but other transactions have been rejected.

The CEO of Tether, a blockchain platform that converts real money into cryptocurrencies and vice versa, said he had frozen $33m worth of digital assets after the hack.

Poly Network urged the hacker to return the digital dosh.

News URL

https://go.theregister.com/feed/www.theregister.com/2021/08/10/poly_networks_theft/