Hackers have reportedly struck PolyNetwork, a cross-chain protocol, for the second time, resulting in a significant offload of Shiba Inu (SHIB) tokens.
According to blockchain analytics firm Lookonchain, the attackers sold 94 billion SHIB tokens in exchange for 360 Ether (ETH), along with other assets like 495 million COOK tokens and 15 million RFuel tokens. The firm also noted that the perpetrators are moving assets and Ethereum to new wallets, most likely in preparation for more sales.
This is not the first time PolyNetwork has fallen victim to cyberattacks. In 2021, hackers looted the platform for over $600 million, marking it as the largest heist in the history of decentralized finance (DeFi).
The massive stolen amount was later returned, but the incident highlighted the persistent vulnerabilities in the nascent crypto space.
Today's event further strains the platform's liquidity, with large amounts of BNB and BUSD reportedly unable to be moved cross-chain at this time due to the attack.
The BlockSec team identified the attack on PolyNetwork, outlining that the attackers locked a small number of tokens on the source chain before unlocking a greater number on the destination chain.
Yu Xian, founder of SlowMist, a blockchain security company, assured users not to panic, stating that the $4.2 billion worth of assets stolen by the hackers are mostly "air" and will not materialize into actual assets.
However, it remains clear that security concerns in the DeFi space persist, and the industry must continue to bolster its defenses against cyber threats.
Denys Serhiichuk
Tomiwabold Olajide
