People are going crazy about Blockchain technologies. With so many different applications of Blockchain, defi (Decentralised Finance) is one of the secure ways of doing financial tasks. The main reason why Defi is better than normal banks is that you cannot hide anything here. So whatever corruption goes under the hood in banks and other financial sectors gets finished. However, this is just the starting phase for Defi, as there aren’t many companies that use this Blockchain technology. However, one platform named Poly Network from China that exchanges tokens in a cross-platform manner. But recently Poly Network is been hacked by hackers with the highest amount of over $600 Million. Today’s we’ll tell you about this $600 Million Robbery From Poly Network.
How This $600 Million Robbery From Poly Network Took Place?
To give you a big picture, we said Defi is more secure and transparent than any other financial system but we also said Defi is in its starting phase. The way Decentralised Finance works is in contracts. There are smart contracts already made, these smart contracts manage the transactions and token exchanges. However, to make these smart contracts full-proof, one needs to include every minute detail by which contracts may not get broken.
So Hackers found a way to find a Vulnerability in contract and used it to transfer cryptocurrency to their Blockchain wallets. Binance Chain, Ethereum, and Polygon are the assets that have been stolen by hackers.
Also Read: Clubhouse Data Breach! Real or Fake!
Where These Assets Have Been Transferred?
The stolen assets have been transferred to three different Blockchain wallets. Every token is transferred to different wallets.
- Ethereum: 0xC8a65Fadf0e0dDAf421F28FEAb69Bf6E2E589963 ($273 million)
- Binance Smart Chain: 0x0D6e286A7cfD25E0c01fEe9756765D8033B32C71 ($253 million)
- Polygon: 0x5dc3603C9D42Ff184153a8a9094a73d461663214 ($85 million)
With a total of $611 Million, this is the biggest Defi hiest act in the history of digital assets.
Are Stolen Tokens Recovered?
The company sent an urge to the hackers, and according to Poly Network, $261 Million worth of digital assets have been sent back by the hackers with Ethereum: $3.3 million, BSC: $256 million, and Polygon: $1 million.