$611 Million Stolen in Poly Network Cross-chain Hack – from Security Affairs

August 10, 2021 By Pierluigi Paganini

The cross-chain protocol Poly Network has been hacked, threat actors stole $611 million making this hack the largest DeFi hack to date.

The cross-chain protocol Poly Network disclose a security breach, threat actors have stolen over $611 million in cryptocurrencies.

The attackers have transferred hundreds of million dollars worth of Binance Chain, Ethereum, and Polygon assets into their wallets.

The Poly Network protocol allows swapping tokens across multiple blockchains, including Bitcoin and Ethereum and Ontology.

The attackers

The assets has stolen $273 million worth of Ethereum tokens, $253 million in tokens on Binance Smart Chain and $85 million in USDC on the Polygon network.

“Since the theft, Tether has blacklisted the USDT on Ethereum that was stolen in the attack, roughly $33 million in tokens. That means they can no longer be moved. (USDT is a centralized stablecoin that can be frozen at will by the company behind it, similar to other stablecoins like USDC.)” states TheBlockCrypto website.

Researcher Igor Igamberdiev from the The Block speculates that the root cause of the hack was a cryptographic issue, in the cryptocurrency protocol, what is a rare case.

Blockchain security firm SlowMist issued an alert announcing that they have already determined the attacker’s ID. The experts claim to have discovered the attackers email address, IP information and device fingerprint.

The threat actors have employed the following wallets:

ETH: 0xC8a65Fadf0e0dDAf421F28FEAb69Bf6E2E589963
BSC: 0x0D6e286A7cfD25E0c01fEe9756765D8033B32C71
Polygon: 0x5dc3603C9D42Ff184153a8a9094a73d461663214
Some cryptocurrency exchanges announced they are aware of the hack and will do all the best to identity and block illegal transactions associated with the hack.

Follow me on Twitter: @securityaffairs and Facebook

Lastest from Grey Enlightenment

  • by smartistone
    Last week Texas shook the world with a surprise law that circumvented Roe v. Wade through the civil courts. The left, especially online, to the suprise of no one, was apoplectic. Less than a week later, Biden upped the ante by signing an executive order mandating Covid vaccines for employees of companies with over 100… Continue reading How the Vacuum of Leadership in Washington led to Rage Online
  • by smartistone
    Came across these two interesting articles, which cover the same subject matter, so I have lumped them together in a single analysis. Why Resist Blank Slate Thinking? For One, Look to No Child Left Behind Genes Believe in You He’s correct regarding how biological determinism calls into question the prevailing orthodoxy of the blank slate.… Continue reading The Genes Debate: Assortative Mating and Embryo Selection
  • by smartistone
    Saw this viral Scott Adams tweet Three things we learned in the past year: 1. If you don't look for a problem, logically, it does not exist. 2. "Do your own research" leads to eating horse pills, snarfing bleach, and dying. 3. It's a coincidence that every public health policy is also good for big… Continue reading Ignoring the ‘Expert Consensus’ Can Be Very Profitable
  • by smartistone
    A conspiracy would seem to suggest that all Jews are operating under a similar directive. But being over-represented in all areas of society does not imply a conspiracy unless it can be shown that they are all acting under a common goal, yet the fact that Jews not uncommonly take diametrically opposing views on all… Continue reading The Jewish Question
  • by smartistone
    I have been thinking about the social class structure/hierarchy in America. With the exception of the underclass, it’s not like one category is necessarily worse or ranks higher than another. For example, elites have the most power but the most responsibility and little autonomy. 1. Elites. As the title suggests, these people are at the… Continue reading The class structure of America
  • by smartistone
    From New York Magazine Why the GOP Is Ideologically Lost Nevertheless, the ideological incoherence of the contemporary GOP is unusually severe. The Reaganites could not practice what they preached; post-Trump Republicans can’t settle on a catechism to hypocritically recite. The party has a set of unwavering transactional commitments (to reactionary billionaires, provincial capitalists, and the… Continue reading The contradictions of pragmatism
  • by smartistone
    The trend of elites, but more broadly, the professional-class, pulling away and ahead of the working-class, began in earnest in 2008, after the financial crisis, when the wealth and education gap really exploded (such as the college wage premium, ballooning salaries for tech, finance, medical, legal jobs, etc., surging stock market, etc.). I call this… Continue reading The Rise of the Professional Class
  • by smartistone
    In response to a tweet by Robert Reich regarding Elon Musk’s wealth, Eric tweeted: Would you like to discuss this and related matters? I would be open. https://t.co/3j7TUgu1aO pic.twitter.com/YWnHebkNV9 — Eric Weinstein (@EricRWeinstein) August 29, 2021 As people in the comments noted, the graph Eric chose was misleading: This jump in the graph is misleading… Continue reading Don’t Blame the Fed for Tesla’s Stock Surge
  • by smartistone
    From Arnold Kling’s blog Tyler Cowen Disagrees with me about Inflation But for a variety of reasons, nowadays the inflation tax is not very useful (“Seigniorage returns from inflation are especially low in the contemporary environment”) as a source of revenue. And inflation is very, very unpopular (“The median voter hates inflation”). So the government’s… Continue reading Infation and the national debt, not a concern yet
  • by smartistone
    I have been thinking about the decline of the alt-right, why it failed, and why right-wing political movements fail in general. In summary, grifters and hacks destroyed the dissident/alt-right. Conservatives/republicans destroy everything they touch…the tea party, the alt-right, gamergate, etc. Every single genuine grassroots movement has been destroyed by these people as soon as a… Continue reading The Trouble with Politics

Brendon O’Connell – the End of Decentralized Crypto – w/ Magical Unicorn

Brendon O’Connell has been stating since 2018 that there ultimately will be a full fledged cryptocurrency confiscation by the secret police types once the supra-international banking behemoths instruct national governments to carry out the complete shutdown of crypto and the hijacking and repurposed use of blockchain technology for central bank issued digital currency. This is an insightful interview.

Weibo Deactivates Major Bitcoin Trading Platforms in China

By Global Times Published: Mar 11, 2021 05:58 PM

The Weibo accounts of three major Bitcoin trading exchanges, Huobi, OKEx and Binance were deactivated on Thursday, triggering concerns over tightening regulation on cryptocurrency in China. 

On Thursday, the account for Huobi, a Hong Kong-based Bitcoin trading platform was unable to be displayed. A Weibo statement shows that the account had “abnormal practices”, and contains safety risks. The accounts for OKEx and Binance appear to be deleted. 

A spokesperson from Huobi responded to Global Times on Thursday that the issue has just came to their attention, and that they are “actively communicating with Weibo” on the matter. 

The price of Bitcoin dropped around 0.20 percent on Thursday after the news broke out. Price of Ethereum dropped about 4 percent. 

In early 2020, China’s financial authorities banned exchanges of cryptocurrency in the country. Major trading exchanges, including Bitcoin China, HUobi and OKCoin issued statements saying that they would suspend registration and top-up service in renminbi. Other crypto exchanges also issued similar statements. 

In April 2019, China’s top economic planning agency the National Development and Reform Commission (NDRC) released a catalogue of industries that it would support, restrict or eliminate. The catalogue listed “mining” activities for Bitcoin and other virtual currencies as an area to be “eliminated.” It was later removed from the list. 

In March, authorities in North China’s Inner Mongolia Autonomous Region, one of the areas with the most virtual currency mines, proposed that it will eliminate virtual currency mining by the end of April, according to local market regulator.

Global Times

First they knocked Daily Stormer offline. That was the first shot fired. I have a sick feeling that a cryptocurrency confiscation will be the next ADL-driven attack.