Sirwin
Sirwin

Poly Want A Cracker - Got A Hacker

By XTRM™ | Cryptopia | 11 Aug 2021


You know just when you thought it was safe to take a meander into the wonderful jungle that is Decentralised Finance (DeFi)? Blissfully tottering along whistling the tune of financial freedom due to the secure nature of those technologically advanced Blockchains, Wallets, generally the whole Crypto Industry circling around DeFi, because surely they have all learned their lessons from the last wave of hacks which resulted in the tears of many an investor and DeFi Environment... Yes?

Absolutely not, - Poly Network, established in 2020 as a cross-chain protocol, derived by teams of devs from Ontology, Neo and Switcheo, was hacked in possibly the single largest attack ever since the boom in decentralized finance.

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It is crazy to think that unknown hackers can still swoop into an apparent secure network protocol, Blockchain, or wallet in 2021 - then bolt like Usain through into the night like a stealthy Silverfish, and make off with at least $600 million - It is not far off the mark when reports state that this is probably 'the most significant cryptocurrency direct cyber-attack in DeFi history'.

Once you have climbed back down from the ceiling, I shall let you in on the figures released via the effected networks...

WHOOSH... The hackers crept in using an exploit that in particular targets a vulnerability between contract calls, that ended up with around $273-million from Ethereum (ETH), $85-million in USD Coin (USDC) from the Polygon network (MATIC), and a staggering, eye-watering sum to the tune of around $253-million looted from Binance Smart Chain... Ouch right?

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BETTER CHECK THE CLOSET... As if the above crypto list that reads like a K-Pop Band being kidnapped, Poly Network also pointed at the disappearance of renBTC, wrapped Bitcoin (WBTC), and wrapped Ether (WETH) - and according to sleuths at Chinese cybersecurity firm SlowMist, a few clues to the identity of new Dr Evil of Crypto had been left right out in the open... and it involved the hackers initial Monero (XMR) transactions via MATIC, Binance Coin (BNB), and Ether (ETH)... this is either outrageously outlandish "I can do this" type behaviour on behalf of the hacker, or just plain bloody stupid.

It's all starting to sound like a cheap B-Movie... The absolutely bonkers, attention seeking nutcase that thought he or she, was going to grab an easy ride to Honduras (purely speculation) left comments... yes comments on Ethereum transaction records, including such musings like: "It would have been a billion hack if I had moved remaining shitcoins!"

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IMAGE: Safe Shit! Shitcoins (not effected) got a mention and wanted to make an appearance... not much going on here.

Wait for it... in a twist that any feature film would be proud of, the hacker made further comments such as: "Did I just save the project?"

Not only that there is also the following little nugget: "Not so interested in money, now considering returning some tokens or just leaving them there."

Interestingly Polygon Network Token has not been effected... even seeing a 24% increase to *$1.41, albiet after a slight squeaky butt drop to $1.13 earlier in the day.

*at the time of writing this article.

Binance CEO Changpeng Zhao hit back quickly after what actually had been a carefully planned attack and states that the crypto exchange was coordinating with other networks and cyber security partners in order to proactively help find solutions to the hack, and, take action possibly as a collaborative.

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XTRM™
XTRM™

Cryptocurrency Investigator - XTRM™ PR - Taking a laid back look at Crypto while sneaking up on the Cryptocurrency Bad Guys. All investigatory reviews are my own findings during testing - Dig a little deeper! If Carlsberg made Crypto Blogs!


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Cryptopia

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