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Crime and Investigations

$600 Million Stolen in The Biggest DeFi Hack so Far

$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.

READ MORE: Tesla Goes Bitcoin: The Company Buys $1.5 Billion Worth of BTC

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 an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.

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