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The largest hack and Decentralized Finance simultaneously occurred across three chains today through an exploit on Poly Network.
Utilizing an elaborate exploit, $600 million worth of crypto was stolen from the multi-chain dApp. In a tweet earlier today, August 10, cross-chain protocol Poly Network announced that it had been hit by a hacker.
"Important Notice: We are sorry to announce that #PolyNetwork was attacked on @BinanceChain @ethereum and @0xPolygon"
Tagged addresses show that about $253 million, $85million, and $273million tokens' worth were siphoned from Poly Network's BSC, Polygon, and Ethereum chains, respectively.
Shortly after the attack, Poly Network, in a tweet, appealed to the hacker to reach out to the team. The platform blended the justice of the law and consideration for owners of the stolen assets, urging the attacker to return the funds.
Poly Network has pleaded with miners and exchanges to freeze tokens from the addresses used by the attacker. The measure is to help prevent the hacker from moving the tokens beyond reach.
In response, Tether blacklisted roughly $33m USDT linked with the attack. OKEx Exchange also promised to keep an eye on the situation according to a Tweet from the CEO, Jay Hao.
The CEO of Binance, Changpeng Zhao, tweeted a pledge to offer any help he can, in conjunction with other security agencies.
"We are aware of the Poly.Network exploit that occurred today. While no one controls BSC (or ETH), we are coordinating with all our security partners to proactively help", he said.
In recent times Crypto-space has been littered with tales of exploits. From flash loan exploits to rugpulls, the investor-community has had their confidence shaken.
BSCNews has written a couple of news articles about previous hacks. You can read some of them here and here.
The question of many crypto community members is not if there will be another hack but rather when. More needs to be done by developers and platforms to secure their protocols and restore the sagging confidence in the security of DeFi and crypto as a whole.
What is Poly Network?
Poly Network is a cross-chain interoperable protocol that allows the transfer of funds across DeFi networks. The protocol was introduced by Ontology, Neo and Switcheo to provide a seamless interoperability network
Since BSC, Polygon and ETH can’t natively communicate, the protocol acts as a custodian and facilitates the transactions.
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MetaMask has improved accesibility for Ledger users in its latest update. The update will roll out from next week, simplifying the proces by which Ledger users connect their hardware wallet to MetaMask.
At present Ledger users are required to open Ledger Live first, then connect their Ledger, then connect MetaMask to it. The sheer number of steps required to make the connection is prohibitive. Community feedback has now prompted MetaMask to streamline the process.
“Ledger users, we hear you,” said MetaMask in a tweet on October 26th. “We have a new improved Ledger support that should be starting to roll out next week. The new support will be entirely in-browser, and won't require Ledger Live installed to use.”
MetaMask went on to tease “extra good news” for hardware wallet users coming very soon.
MetaMask recently launched version 10.3.0 of its extension with a subtly altered login screen. The company is also working on an improved token detection algorithm that is resistant to airdrop scams.
ConsenSys is a leading Ethereum software company. It enables developers, enterprises, and people worldwide to build next-generation applications, launch modern financial infrastructure, and access the decentralized web. The ConsenSys product suite is composed of Infura, Quorum, Codefi, MetaMask, Truffle and Diligence.
The Korean Teachers’ Credit Union (KTCU) issued a statement denying a report that it has shifted its investment strategy to allocate part of its capital into Bitcoin Exchange Traded Funds (ETFs). The article published by The Korea Economic Daily titled, ‘KTCU to be Korea’s first pension fund to invest in cryptocurrency ETF’ got the entire crypto community abuzz with excitement.
The move is seen as a leap of faith because pension funds are often regarded as conventional investors that favor low-risk traditional products. If the rumor is true, it also signals a departure from the institution’s usual investment strategy.
In a statement released by KTCU and quoted in The Korea Herald, it says - The KTCU has never reviewed an investment in a bitcoin-related ETF, and will never have a plan to do so’
KTCU is a pension fund with $47 billion of Asset Under Management (AUM) raised eyebrows when the local daily published the report. KTCU is dedicated to promoting teachers’ welfare and financial benefits and investment by pension funds is the clearest sign that Bitcoin is now regarded by institutional investors as a mainstream asset.
Korea continues to rein in on the crypto ecosystem and the latest decision to proceed to tax crypto earnings of more than 2.5 million Korean won (approximately $2,105) affirms the government’s tough stance against the crypto industry. The Korean authority has recently shut down more than half of the crypto exchanges operating within its jurisdiction for failing to get the relevant approvals from the Financial Services Commission (FSC).
Given the general policy and regulatory sentiment in Korea, institutional investment decisions are unlikely to favor the crypto industry. Whilst in the US, institutions are taking bold steps ahead.
In a recent announcement, the Houston Firefighters' Relief and Retirement Fund has bought into Bitcoin and Ethereum. This is probably a result of the recent Bitcoin ETF’s approval by the SEC which is seen by observers as the regulator’s stamp of approval for the new asset class.
It would be ideal for traditional institutions such as pension funds to dip their toes into crypto-related investments. This is because pension funds are geared towards capital preservation rather than growth. If Bitcoin can provide this assurance, its narrative as a store of value is bolstered.
Mass institutional adoption for crypto assets may not take place at the pace that many enthusiasts would have wished. Cryptos as an asset class still suffers from volatility and once this massive price fluctuation decreases, it becomes a more viable alternative to other traditional assets.
Just when the community longs for a moment of respite from news of exploits, news of another hack - the largest ever, has hit the airwaves.
The largest hack and Decentralized Finance simultaneously occurred across three chains today through an exploit on Poly Network.
Utilizing an elaborate exploit, $600 million worth of crypto was stolen from the multi-chain dApp. In a tweet earlier today, August 10, cross-chain protocol Poly Network announced that it had been hit by a hacker.
"Important Notice: We are sorry to announce that #PolyNetwork was attacked on @BinanceChain @ethereum and @0xPolygon"
Tagged addresses show that about $253 million, $85million, and $273million tokens' worth were siphoned from Poly Network's BSC, Polygon, and Ethereum chains, respectively.
Shortly after the attack, Poly Network, in a tweet, appealed to the hacker to reach out to the team. The platform blended the justice of the law and consideration for owners of the stolen assets, urging the attacker to return the funds.
Poly Network has pleaded with miners and exchanges to freeze tokens from the addresses used by the attacker. The measure is to help prevent the hacker from moving the tokens beyond reach.
In response, Tether blacklisted roughly $33m USDT linked with the attack. OKEx Exchange also promised to keep an eye on the situation according to a Tweet from the CEO, Jay Hao.
The CEO of Binance, Changpeng Zhao, tweeted a pledge to offer any help he can, in conjunction with other security agencies.
"We are aware of the Poly.Network exploit that occurred today. While no one controls BSC (or ETH), we are coordinating with all our security partners to proactively help", he said.
In recent times Crypto-space has been littered with tales of exploits. From flash loan exploits to rugpulls, the investor-community has had their confidence shaken.
BSCNews has written a couple of news articles about previous hacks. You can read some of them here and here.
The question of many crypto community members is not if there will be another hack but rather when. More needs to be done by developers and platforms to secure their protocols and restore the sagging confidence in the security of DeFi and crypto as a whole.
What is Poly Network?
Poly Network is a cross-chain interoperable protocol that allows the transfer of funds across DeFi networks. The protocol was introduced by Ontology, Neo and Switcheo to provide a seamless interoperability network
Since BSC, Polygon and ETH can’t natively communicate, the protocol acts as a custodian and facilitates the transactions.
