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Shiba Inu (SHIB) Thieves Successfully Cash out $10 Million, But There's a Catch

Mon, 07/03/2023 - 11:25
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Gamza Khanzadaev
Poly Network hacker, who stole billions of Shiba Inu tokens, successfully cash out millions of dollars, but it isn't as sweet as it sounds
Shiba Inu (SHIB) Thieves Successfully Cash out $10 Million, But There's a Catch
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In the aftermath of yesterday's shocking Poly Network cross-chain protocol hack, new revelations have shed light on the actions of the audacious attackers. Renowned crypto journalist Colin Wu, citing insights from crypto intelligence portal Beosin Alert, has disclosed crucial details regarding the incident.

According to data, Poly Network hackers managed to exchange a staggering 5,196 ETH, amounting to approximately $10.1 million, on the Ethereum network. However, their potential windfall remains restricted due to the low liquidity of other tokens involved, which are valued at a staggering $260 million.

Thus, while the attackers have succeeded in cashing out millions of dollars worth of Ethereum, their plan to exploit the remaining stolen assets faces a major obstacle in the form of limited liquidity.

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

Additionally, it was reported today by Wu that Poly Network has announced the suspension of its services in the aftermath of the attack. As a consequence, the security breach has impacted a total of 57 assets across 10 different blockchains, highlighting the magnitude of the incident.

What happened with Shiba Inu (SHIB)?

Yesterday's protocol hack saw the thieves pilfer an astounding 94 billion Shiba Inu (SHIB) tokens, alongside other valuable assets. Notably, the attackers also released a staggering 999 trillion SHIB tokens on the Heco network. Various reports suggest that the stolen SHIB tokens were converted to Ethereum on decentralized exchange Uniswap and subsequently withdrawn through various centralized platforms in the form of dollars.

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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.