$600 Million Stolen in The Biggest DeFi Hack so Far
The Poly Network interoperability protocol was hacked and more than $600 million stolen in the largest security breach in decentralized finance (DeFi) in history.
The market remains stable despite the news.
Hackers exploited the Poly Network on Polygon, Ethereum and Binance Smart Chain. The stolen assets include $253 million in BSC tokens, $266 million in Ethereum (ETH) and $85 million in USDC on the Polygon network, at the time of writting.
The Poly Network is multichain protocol for exchanging tokens across different blockchains. The founder of Chinese blockchain project NEO launched Poly Network in partnership with Ontology and Switcheo.
Poly Network asked digital asset exchanges and miners to block all coins coming from the mentioned above addresses. The team behind the protocol also promised legal action and demanded that the hackers return the stolen assets.
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Tether froze more than $30 million in response to the hack, said the company’s chief technology officer Paul Adroino on Twitter.
About an hour after Poly Network’s announcement of the hack, the perpetrator tried to move the stolen assets through the ETH address to Curve.fi, but the transaction was blocked.
Neo Smart Economy also announced via Twitter that the “migration from Neo Legacy to N3 has been temporarily suspended” and assets are protected.
“Surprisingly, the market wasn’t affected much even though $600 million was exploited, which is pretty significant.” said Michael Tunt, a business analyst at Inside.
Alexander Stefanov
Reporter at CoinsPress
Alex is Editor-in-Chief of Coinspress and co-founder of Millennial Media Group, with nearly a decade of experience covering financial markets - crypto first, then everything else. It started in 2016 with Bitcoin. Like most people at the time, he didn't fully understand it - so he kept digging. Blockchain, tokenomics, the projects, the cycles. That curiosity never stopped, and eventually pulled him into traditional markets too: equities, commodities, macro. Not because he left crypto behind, but because you can't properly understand one without the other. What drives him is straightforward: he wants to know why something is happening, not just that it's happening. Most market coverage stops at the headline - price up, price down, here's a chart. Alex finds that kind of reporting actively unhelpful. If you walk away from an article without understanding the mechanism behind the move, what did you actually learn? He holds a degree in Tourism from New Bulgarian University - not the most obvious path into financial markets, but markets have a way of pulling in people who are simply too curious to stay out. He has authored over 200 in-depth analyses and more than 10,000 articles across crypto and traditional finance. He still thinks every day in markets teaches him something new. That's probably why he hasn't stopped.
