The hackers stole around €600 million, which is considered the largest cryptocurrency theft in history. The Poly Network, a decentralized cross-chain protocol and network that facilitates the exchange of tokens across multiple blockchains, revealed that €273 million worth of Ethereum tokens, €253 million worth of tokens on Binance Smart Chain and €85 million USDC were stolen. in the polygon. grid. “We call on affected blockchain and crypto exchange miners to blacklist tokens from the above addresses,” PolyNetwork posted on Twitter, while posting the wallet addresses of the culprits.
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According to The Block, since the robbery, Tether has blacklisted approximately € 33 million of USDT stolen in the attack.
Broader implications
Citing a report by research firm CipherTrace, the BBC noted that fraud losses in the decentralized finance (Defi) sector had already reached an all-time high of $474 million in the first seven months of the first year, before The escape. Meanwhile, the Poly Network threatened the hackers with legal action urging them to return the loot, even as other members of Defi space offered to help. “We are aware of the poly.network exploit that has taken place today. While no one controls BSC (or ETH), we coordinate with all of our security partners to help proactively. There is no guarantee. We will do everything we can,” Changpeng Zhao, CEO of Binance, the world’s largest cryptocurrency exchange, tweeted. The Block suggests that the hackers exploited an "encryption issue," which it added was a rarity without going into details. Noting the impact of the hack on the larger cryptocurrency ecosystem, The Block shared that following the announcement, exchange group O3, which uses the Poly Network for its operations, was forced to suspend its cross-channel functionality. through the block