They took advantage of a security vulnerability on the platform. Polly Network is exposed to the biggest cryptocurrency theft.


The biggest cryptocurrency piracy ever. $600 million disappears from virtual currency trading platform


Poly Network, a virtual cryptocurrency trading platform, was hacked by unknown assailants, who managed to steal $600 million worth of currencies.

Hackers took advantage of a security vulnerability at Poly Network, a platform that connects different blockchains so they can work together. Block chains are the guide to the activities on which many cryptocurrencies are based. Each digital currency has its own blockchains and is different from each other. Poly Network makes various block chains work together.

The network said in a series of tweets on its Twitter page late Tuesday that the theft took place after unknown assailants hacked its security systems, calling on its customers to avoid any correspondence containing encrypted codes.




She noted that the hack and theft occurred on the currency accounts of Ethereum, Ox Polygon and Penance Chen, calling on users to avoid any messages on these sub-platforms.

Once the hackers stole the money, they started sending it to other cryptocurrency addresses. Researchers at security firm SlowMist said a total of more than $610 million in cryptocurrencies had been converted into three different addresses.


Slomst said in a tweet that her researchers "obtained the attacker's mailbox, IP address, and device fingerprints, and tracked potential identity evidence related to the network attacker."


At the same time, Zhangpingchao, CEO of the major cryptocurrency exchange binance, said he was aware of the attack.


He said Penance "coordinates with all our security partners to help proactively," but "there are no guarantees"



Despite the theft, which is among the largest in the history of decentralized cryptocurrency trading, cryptocurrency prices were not adversely affected, with Wednesday's top 10 currencies in terms of market value recording highs in early trading.

The Poly Network is a decentralized financing platform, and DeFi is a broad term that includes financial applications based on blockchain technology that look to dispense with intermediaries, such as brokerage firms and exchanges, which is why it is called decentralization.

These platforms have recently become a major target of attacks. From the beginning of the year to July, total losses from breaches related to decentralized platforms totaled $361 million, nearly three times more than in the whole of 2020, according to studies firm CipherTrace.

"These stolen coins belong to tens of thousands of traders around the world," Polly Network said in a letter to hackers, threatening to go to the police if the robbers refuse to reach a financial settlement.

Virtual currencies do not have a serial number and are not controlled by governments and central banks, such as traditional currencies, but are dealt with only over the Internet  without her physical presence.

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