Hackers steal $600m from DeFi platform Poly Network

Hackers have stolen $600 million in cryptocurrency from decentralised finance provider (DeFi) Poly Network.

DeFi is a blockchain-based form of finance that does not rely on traditional intermediaries such as brokerages, exchanges, or banks, and instead utilises smart contracts on blockchains, the most common being cryptocurrency Ethereum.

Poly Network is a platform “built to implement interoperability between multiple chains” and claims to have integrated Bitcoin, Ethereum, Neo, Ontology, Elrond, Ziliqa, Binance Smart Chain, Switcheo, and Huobi ECO Chain.

The DeFi network has attempted to instigate communications with the hackers on Twitter and has urged them to “return the hacked assets.”

The stolen assets include $270 million on the Ethereum blockchain, $250 million on the Binance Smart Chain, and $84 million on the Polygon network.

The total cost of DeFi-related hacks totalled $474 million during 2021 – three times that of the whole of 2020 - according to research from cryptocurrency compliance company CipherTrace.

Earlier this month, US Securities and Exchange Commission (SEC) chair Gary Gensler called on US congress to give his institution more power to regulate “Wild West” cryptocurrency markets.

"The amount of money you have hacked is one of the biggest in DeFi history,” said a Poly Network spokesperson on Twitter. "Law enforcement in any country will regard this as a major economic crime and you will be pursued.”

They added: "The money you stole are [sic] from tens of thousands of crypto community members, hence the people."

“We are aware of the Poly Network exploit that occurred today,” said Changpeng Zhao, chief executive of major cryptocurrency exchange Binance. “While no one controls Binance Smart Chain - or Ethereum -we are coordinating with all our security partners to proactively help.”

He added: “There are no guarantees. We will do as much as we can.”

    Share Story:

Recent Stories


Safeguarding economies: DNFBPs' role in AML and CTF compliance explained
Join FStech editor Jonathan Easton, NICE Actimize's Adam McLaughlin and Graham Mackenzie of the Law Society of Scotland as they look at the role Designated Non-Financial Businesses and Professions (DNFBPs) play in the financial sector, and the challenges they face in complying with anti-money laundering and counter-terrorist financing regulations.

Ransomware and beyond: Enhancing cyber threat awareness in the financial sector
Join FStech editor Jonathan Easton and Proofpoint cybersecurity strategist Matt Cooke as they discuss the findings of the State of the Phish 2023 report, diving into key topics such as awareness of cyber threats, the sophisticated techniques being used by criminals to target the financial sector, and how financial institutions can take a proactive approach to educating both their employees and their customers.

Click here to read the 2023 State of the Phish report from Proofpoint.

Cracking down on fraud
In this webinar a panel of expert speakers explored the ways in which high-volume PSPs and FinTechs are preventing fraud while providing a seamless customer experience.

Future of Planning, Budgeting, Forecasting, and Reporting
Sage Intacct is excited to present FSN The Modern Finance Forum’s “Future of Planning, Budgeting, Forecasting, and Reporting Global Survey 2022” results. With participation from 450 companies around the globe, the survey results highlight how organisations are developing their core financial processes by 2030.