Poly Network Hack: Billions in Stolen Shiba Inu Swapped – A Crypto Crisis
A significant security breach has struck Poly Network, the cross-chain interoperability platform, triggering a major crisis in the crypto world. This incident, reminiscent of past high-profile cryptocurrency heists, has raised serious concerns about security vulnerabilities within the decentralized finance (DeFi) ecosystem.
The attackers successfully minted 999 trillion Shiba Inu tokens on the Heco blockchain, part of a broader strategy to exploit weaknesses in Poly Network's cross-chain protocol. This unauthorized minting highlights a critical flaw allowing manipulation of token supplies across different blockchains.
Hackers pulled off what is arguably the biggest ever cryptocurrency heist on Tuesday, initially stealing more than $600 million in digital coins from the token-swapping platform Poly Network. While initial reports focused on the overall stolen value, the specifics of the assets involved are now coming to light. Attackers minted 24 billion binance usd (BUSD) and bnb (BNB) on the Metis blockchain, 999 trillion shiba inu (SHIB) on the Heco blockchain, and millions of other tokens across various chains.
The sheer volume of Shiba Inu involved – 999 trillion – presented immediate challenges for the hackers attempting to launder the stolen funds. Swapping such a massive quantity of SHIB without significantly impacting the market price proved difficult. The aftermath of the Poly Network hack has seen hackers successfully exchanging stolen assets worth over $4.39 million on various crypto platforms, reports crypto news outlets, indicating an ongoing effort to convert the ill-gotten gains into more liquid assets.
The Poly Network team is working to trace the movement of the stolen funds and coordinate with exchanges to freeze any accounts associated with the hackers. This incident serves as a stark reminder of the risks inherent in cross-chain interoperability and the need for robust security measures to protect against sophisticated attacks. The security community is closely monitoring the situation, seeking to understand the exploit's details and prevent future occurrences.