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Binance CEO Shares Update After Massive Poly Network Hack

Sun, 07/02/2023 - 09:34
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Tomiwabold Olajide
Binance CEO issues statement in wake of epic Poly Network hack
Binance CEO Shares Update After Massive Poly Network Hack
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Binance CEO Changpeng "CZ" Zhao has issued a clarification following the massive Poly Network hack earlier today. On Sunday morning, attackers minted millions of tokens after exploiting a smart contract mechanism in the bridge tool of the DeFi platform Poly Network.

The Binance CEO stated that the issue at Poly Network does not affect Binance users as it does not support deposits from the network. He added that the Binance security team is aiding in ongoing investigations.

"This does not affect Binance users. We do not support deposits from this network. Our security team is assisting them in its investigations, though. Stay SAFU," Zhao tweeted.

Poly Network has already notified users that its service has been temporarily suspended due to the enormous attack. It says it is working with relevant parties to determine the scope of the affected assets.

The attack on Sunday would be the second time Poly Network has been targeted by attackers.

In 2021, hackers committed the largest cryptocurrency heist in history, stealing over $600 million in digital coins from the cross-chain protocol, only to return nearly all of the assets less than 48 hours later.

Huge millions of assets issued on several chains

Wu Blockchain provides details on the hack, wherein the attackers issued a huge quantity of assets on several chains.

His tweet reads: "Just In: PolyNetwork is suspected to be hacked again. Hackers issued additional huge assets on several chains: 99,999,184 BNB and 10 billion BUSD were issued on Metis, and 999.8127 trillion SHIB was issued on Heco; 87,579,118 COW and 999,998,434 OOE; 636,643,868 STACK; 88,640,563 GM; and 2,175,053 03 were issued on Polygon; and 378,028,371 STACK; 82,854,568 XTM; 11,026,341 SPAY; issued 89,383,712 GM on Avalanche; 8,882,911 METIS; 926,160,132 DOV; 978,102,855 SLD; and other assets were issued on BSC."

On-chain analytics firm Lookonchain hints at attempts to sell some of the crypto assets by the attackers. In a tweet, it stated, "It seems that Poly Network was attacked again; hackers minted a lot of assets. Hackers have sold 94 billion SHIB for 360 ETH, 495 million COOK for 16 ETH, and 15 million RFuel for 27 ETH. And we noticed that hackers are transferring assets and 1 ETH to new wallets, most likely for sale."

Metis, an Ethereum Layer 2 solution provider, made it known on Twitter that it was aware of the situation at Poly Network, adding that there is no "sell liquidity available" for the newly minted BNB and BUSD. Also, METIS tokens on the Poly Network bridge have been locked and thus have limited liquidity.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.