Hackers Mint $34 Billion in Assets, Crypto Networks on High Alert
Hackers have exploited the Poly Network cross-chain transport protocol and generated approximately $34 billion USD worth of assets across multiple blockchain networks.
Most of these assets seem to be concentrated on Metis, which operates as an Ethereum Layer Two Network.
🚨Poly Network was exploited again after 2021.
The hacker minted over $34B worth of assets on multiple chains.Some of the stolen funds ($800k) are bridged to Ethereum address:https://t.co/16pqiOwjG5 pic.twitter.com/OK3ldcnARm
— Beosin Alert (@BeosinAlert) July 2, 2023
However, it’s important to note that hackers may face challenges when attempting to convert these assets into cash. The Metis DAO has revealed that there is currently insufficient liquidity available to facilitate the sale of the newly minted BNB and BUSD tokens.
Despite the significant impact of this event, the DAO has assured users that their funds stored on Metis Andromeda remain secure.
Additionally, the DAO has taken measures to mitigate the situation by locking all minted METIS tokens from PolyBridge on BNBChain, restricting their liquidity.
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As PolyNetwork, Metis, and other affected organizations work to freeze illicitly generated assets, the hackers are swiftly attempting to sell off their acquired holdings. LookOnChain has reported various asset swaps for ETH in an effort to maintain liquidity for the stolen funds.
This recent attack is similar to a previous exploit on the Poly Network in August 2021, where hackers transferred approximately $610 million of digital assets to their controlled wallets. Following that incident, the Poly team sought assistance from exchanges and miners to track and freeze the stolen tokens.
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.
