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Billions of Stolen SHIB and Other Tokens Successfully Exchanged: Poly Network Hack Update

Sun, 07/02/2023 - 14:08
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Gamza Khanzadaev
Poly Network hackers successfully turn stolen SHIB and other tokens into millions of dollars
Billions of Stolen SHIB and Other Tokens Successfully Exchanged: Poly Network Hack Update
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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 intelligence portal SlowMist. According to the latest update, these ill-gotten gains have been funneled through exchanges such as KuCoin, FixedFloat, ChangeNOW and Tornado Cash.

The hackers' audacious spree did not stop there, as they proceeded to swap some of the stolen tokens, including sUSD, RFuel, COOK and others, for mainstream assets valued at a staggering $1.22 million via Uniswap and PancakeSwap. However, it appears that the stolen funds have not yet been fully moved, as they have been dispersed to more than 60 addresses across multiple chains.

94 Billion Shiba Inu (SHIB) Tokens Sold by PolyNetwork Hackers

This is the second time the protocol has been breached. On the day of the attack, the hackers unleashed an avalanche of coins minting across various networks, most notably 999 trillion Shiba Inu (SHIB) on the Heco network alone. This audacious move artificially inflated assets by $4.2 billion.

No reason to worry?

Despite the massive figures involved, Yu Xian, the founder of SlowMist, offered some reassurance to the affected parties. He stated that a significant portion of the assets stolen by the hackers is merely "air" and should not be regarded as real assets. This statement aims to allay fears that the hackers' actions could have far-reaching consequences.

Scam Alert: New Shiba Inu (SHIB) Scam Exposed — Details

Following their looting spree, the hackers proceeded to distribute the funds to multiple wallets while exchanging them for Ethereum (ETH). From there, they made their move to cash out through the aforementioned gateways.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.