Poly Network, a cross-chain protocol, recently fell victim to a massive token minting attack.
massive attack to poly network
The attackers exploited a vulnerability in the protocol’s bridge tool, which allows swapping tokens across different blockchains. This exploit led to the creation of tokens worth billions of dollars, causing a significant disruption in the network’s operations.
The Exploitation: A Deep Dive into the Attack
The attackers took advantage of a loophole in the smart contract function of Poly Network’s bridge tool. This allowed them to mint a staggering total of 57 assets across 10 different blockchains. The aftermath of the attack saw the attackers’ wallet value skyrocket to over $42 billion in tokens.
The Aftermath: Poly Network’s Response to the Attack
In response to the attack, Poly Network suspended its services and began assessing the scope of the attack. The team behind Poly Network acknowledged the attack and requested assistance from cybersecurity professionals and individuals with relevant knowledge to help address the situation.
The Attackers’ Actions: Converting Illegally Minted Tokens
Despite the massive amount of tokens minted, the attackers faced difficulties in converting them into money due to a shortage of available buyers. However, they managed to find buyers for some tokens, exchanging billions of SHIB tokens for ether (ETH), millions of COOK tokens for ether, and millions of RFuel tokens for ether.
The Future: What’s Next for Poly Network
The attack on Poly Network has raised questions about the security of cross-chain protocols. It underscores the need for robust security measures to prevent such attacks in the future. As Poly Network works to recover from this attack, the crypto community will be watching closely to see how they strengthen their security protocols.
About Poly Network
Poly Network is a cross-chain protocol that enables the swapping of tokens across multiple blockchains. It’s designed to enhance interoperability between different blockchain platforms, making it easier for users to transact and interact across these networks.
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