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Hackers Run Away With Over $600 Million: Is It The Biggest DeFi Hack?

According to the latest reports, hackers have made away with at least $610 million exploiting vulnerabilities in the cross-chain compatible PolyNetwork protocol. From what we know so far, it could very well be the biggest hack in the history of decentralized finance to date.

In an update on Twitter, Poly Network has confirmed that hackers have been able to sweep tokens from the Binance chain, Ethereum and Polygon. The data retrieved from the decentralized ledger shows hackers have stolen $273 million from Ethereum, $85 million in USD Coin (USDC) from the Polygon network, and $253 million from the Binance Smart Chain.

Poly Network has also said they will be taking the hackers to the court and have demanded that the hackers return the stolen funds. They have also asked major cryptocurrency exchanges and DeFi protocols to blacklist the addresses that have been involved in the hack. 

As we continue with the story, responses are already pouring in. Binance CEO has urged people to stay safe. “There are no guarantees,” he said. “We will do as much as we can. Stay SAFU.”

Poly Network protocol allows users to sap their tokens across networks. It is a collaboration between Ontology, Neo and Switcheo.

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