DiutoCoinNews

Reporting on Fintech, Bitcoin, Ethereum, Blockchain and Cryptocurrency News in Nigeria

NEWS

Poly Network Hack: Tether Freezes 33 Million USDT.

Share this:

Not less than $611 million were stolen in this hack.

Poly Network has suffered what appears to be the biggest DeFi hack in the cryptocurrency ecosystem.

The cross-chain decentralized finance Network has lost more than $611 million as the result of the exploit. The figure makes this the biggest DeFi hack to date.

The hacker behind the attack has transferred the stolen assets to addresses on Ethereum, Binance Smart Chain, and Polygon.

Since Poly Network ensures interoperability between different blockchains, it’s hard to estimate the whole scope of the hack.

Japanese aggregation protocol O3 Swap has put its cross-chain functionality on hold because of the hack.

Poly Network is urging miners and exchanges to blacklist the wallets linked to the attacker. 

The operators behind the protocol promise to take legal action against the bad actor.

Tether CTO Paolo Ardoino has announced that the stablecoin issuer has already frozen $33 million worth of USDT tokens associated with the Poly Network incident.   

Binance CEO Changpeng Zhao has also commented on the hack, claiming that the company is coordinating with its security partners. However, he claims that “no one” controls Binance Smart Chain, which is why there are no guarantees.  

Copyright DiutoCoinNews

All rights reserved. This material and any other digital content on this platform may not be reproduced, published, broadcast, written or distributed in full or in part, without written permission from  DiutoCoinNews.

Leave a Reply