Shiba inu

DeFi platform PolyNetwork suspends services following massive hack, CZ comments

Decentralized finance (DeFi) platform PolyNetwork has tweeted about its latest hack (which forced it to suspend its services temporarily). The hacker minted billions in altcoins, including Shiba Inu, Binance USD, and Binance Coin, on blockchains such as Heco, Metis, Polygon, and Avalanche.

While the PolyNetwork team assesses the damage, CEO Changpeng Zhao has confirmed the hack did not affect Binance users. The leading exchange does not allow clients to deposit using the DeFi platform. CZ added that Binance’s security team would help investigate the attack.

PolyNetwork suffers the second hack since 2021

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PolyNetwork dominated headlines in 2021 after suffering the largest attack in DeFi history. As indicated here, hackers exploited the platform on the Polygon, Ethereum, and Binance Smart Chain blockchains, stealing tokens worth over $600 million.

While the cryptocurrency community debated bridge networks and their safety, PolyNetwork reported another attack on 2 July. In the recent hack, the fraudster multiple assets minted 10 billion BUSD and 99,999,184 BNB on Metis, 99.81 trillion Shiba Inu on Heco, and more assets on renowned blockchains such as Polygon and Avalanche.

That meant the fraudster had assets worth $42 billion in his address following the hack.

Deteriorated liquidity against the hacker

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Meanwhile, the attackers failed to monetize some illicit tokens due to faded liquidity. Metis tweeted that BUSD and BNB lacked sell liquidity, while developers locked METIC coins on the PolyNetwork bridge.

Nonetheless, Lookchain confirmed that the hacker secured liquidity for other minted tokens, exchanging 94B SHIB for 360 ETH, 15M RFuel for 27 ETH, and 495M COOK coins for 16 ETH. Further, the fraudster transferred 1 Ether and other assets to new crypto wallets, possibly for sale.


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