Hackers hacked Poly Network and generated 42 billion worth of

Hackers hacked Poly Network and generated $42 billion worth of cryptocurrency

The cryptocurrency platform Poly Network, which allows combining the work of different types of blockchains, has been subjected to a hacker attack. According to the available data, the attackers managed to generate billions of non-existent cryptocurrency tokens on dozens of different blockchains.

    Image source: Shutterstock

Image source: Shutterstock

Poly Network said in a report that the attackers exploited a vulnerability that allowed them to manipulate the smart contract function in the bridge protocol. According to the platform, the issue affected 57 crypto assets across 10 blockchains, including Ethereum, BNB Chain, Polygon, Avalanche, Heco, OKX, and Metis. The message does not specify how much the hackers managed to steal.

According to experts, the hackers generated around $100 million worth of BNB tokens and $10 billion worth of BUSD tokens. In addition, around 100 trillion Shiba Inu tokens were generated in the Heco network. A significant number of altcoins have also been issued on the Polygon and Avalanche networks. It is noted that at one point the hackers’ wallets contained a number of cryptocurrency tokens worth about $42 billion, but they only managed to sell part of them due to limited demand.

Note that this is not the first time cryptocurrency platform Poly Network has been hacked. In 2021, a hacker managed to steal $600 million worth of cryptocurrencies. However, he later agreed to return the stolen funds and even received a handsome reward from Poly Network.

About the author

Robbie Elmers

Robbie Elmers is a staff writer for Tech News Space, covering software, applications and services.

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