Poly Network has announced suspending its services effective July 02, 2023. This came to light after hackers were able to mint cryptocurrencies on different chains through the platform. Per the announcement, hackers exploited the vulnerability in the cross-chain bridge protocol. This affected 57 assets over the weekend.
Suspending services was the logical step to stop hackers from minting more tokens for a while. Some of the assets affected due to the attack are BTC, ETH, and SHIB. Stats for some tokens are up, showcasing that hackers generated 999 trillion SHIB on Heco Blockchain and 24 billion BNB & BUSD on Metis. There are millions of more tokens that were generated on different chains. Specificity for the same is awaited.
Termed a major attack, this is not the first time that hackers found a way to maliciously play with the digital ecosystem of Poly Network.
August 2021 saw the network lose $600 million after hackers diverted funds from BNB Smart Chain, Ethereum, and Polygon. It was an incident that was reported across the world. Any part that was left untouched heard the sound through thin air, not literally but in rumors. Poly Network managed to recover $342 million, helping the team to reimburse losses to as many users as possible.
However, coming to the current scenario, there is a high possibility that Poly Network will once again be able to recover the loss. They have noted in the announcement that the team is currently addressing the concern that has regrettably led them to shut down the services. Adding to that, Poly Network has stated that they are seeking help from cybersecurity professionals and individuals who have knowledge of the field.
Members of the Poly community have been asked to help the team by bringing to their notice any piece of information that they come across. Active participation will be encouraged by Poly Network.
Hackers are approximately worth in the range of $400,000 and $4 million. Per the reports, their valuation at one point event peaked at $43 billion worth of digital tokens.
That sounds heavy, but relief is in the form that they are unable to sell those tokens in the market due to low demand. Therefore, it is difficult for them to make significant gains. This does not stand as evidence that they will attempt to rectify their actions. There are no limits to them. A settlement could be reached, but that remains to be heard about from Poly Network.
BTC and ETH are the two tokens that are going strong at the time of drafting this article. Negative fluctuation, if any, appears to be gone, and the tokens are up by 0.09% and 1.09% in the last 24 hours. BTC is way above the $30k mark, and ETH is inching closer to the $2k mark.
Poly Network works with cybersecurity professionals and individuals. Users are recommended to not fall for rumors and stick to the official announcements made by Poly Network only.
