Poly Network, a leading cross-chain interoperability protocol, has fallen victim to a significant security exploit, resulting in the compromise of 57 cryptocurrency assets across 10 different blockchains.
The Extent of the Attack
The impact of this exploit reaches notable blockchains, including Ethereum, BNB Chain, Polygon, Avalanche, Fantom, Optimism, Arbitrum, Gnosis, Heco, and OKX.
Dear users, we would like to inform you that Poly Network is temporarily suspending its services due to a recent attack. We are actively engaging with relevant parties and diligently assessing the extent of the affected assets. 【1/3】
— Poly Network (@PolyNetwork2) July 2, 2023
Addressing the Severity of the Hack
The severity of the breach is alarming, as reported by Beosin Alert monitoring. The hacker was able to mint over $34 billion worth of assets across multiple chains. In light of this, Poly Network is communicating with its users and seeking their assistance to address the situation effectively.
While the exact total amount stolen has not yet been disclosed, cybersecurity firm Peckshield has reported that the attacker has transferred at least $5 million worth of cryptocurrency out of the compromised accounts.
Poly Network’s Mitigation Measures
To minimize further risks and potential legal consequences, Poly Network has taken immediate action. They have reached out to most project teams associated with the affected assets, urging them to promptly withdraw liquidity from decentralized exchanges (DEXs). Additionally, Poly Network advises its users to proceed with caution by withdrawing liquidity and unlocking their LP (liquidity provider) tokens.
Seeking Cooperation and External Support
In these challenging times, Poly Network has expressed a willingness to collaborate with the attackers to ensure the safe return of user assets. Furthermore, the company is actively seeking assistance from centralized exchanges (CEXs) and law enforcement agencies to address this concerning matter.
Compiled by Coinbold