{"id":42263,"date":"2021-08-11T13:30:44","date_gmt":"2021-08-11T13:30:44","guid":{"rendered":"http:\/\/28c9daa1-a627-49c9-9218-ec17d59797c8"},"modified":"2021-08-11T13:30:44","modified_gmt":"2021-08-11T13:30:44","slug":"poly-network-hackers-potentially-stole-610-million-is-bitcoin-still-safe","status":"publish","type":"post","link":"https:\/\/www.threatshub.org\/blog\/poly-network-hackers-potentially-stole-610-million-is-bitcoin-still-safe\/","title":{"rendered":"Poly Network hackers potentially stole $610 million: Is Bitcoin still safe?"},"content":{"rendered":"
<\/div>\n

Yesterday the Poly Network<\/a>, which specialises in cryptocurrency transfers on the Binance, Ethereum and Polygon blockchains, announced that it had been attacked and assets transferred to hackers.<\/p>\n

It tweeted<\/a>: Important Notice: We are sorry to announce that #PolyNetwork<\/a> was attacked on @BinanceChain<\/a>, @ethereum<\/a> and @0xPolygon<\/a><\/p>\n

Assets had been transferred to hacker’s following addresses: ETH: 0xC8a65Fadf0e0dDAf421F28FEAb69Bf6E2E589963 and BSC: 0x0D6e286A7cfD25E0c01fEe9756765D8033B32C71. <\/p>\n

It asked miners of affected blockchain and crypto exchanges such as Binance, HuobiGlobal, OKEx, Tether, BitGo, Uniswap and Circle Pay, amongst others, to blacklist tokens coming from these addresses. <\/p>\n

Poly Network said that the hacker had “exploited a vulnerability between contract calls<\/a>” — where a contract can modify the keeper of a contract and execute a transaction<\/a>. Estimates of funds held in wallets say that the loss was in excess of $600 million.<\/p>\n

Twitter user @kelvinfichter explained how the hack actually worked<\/a>. <\/p>\n

Blockchain ecosystem security company Slow Mist tweeted that a total of over $610 million US was transferred to three addresses<\/a>. It considers that the attack was likely to be “long-planned, organized and prepared<\/a>“.<\/p>\n

<\/section>\n

The Poly Network later broadcast an open message to the hacker saying<\/a> ” The amount of money you hacked is the biggest on in the defi (decentralised finance) history”. <\/p>\n

It added, “Law enforcement in any country will regard this as a major economic crime, and you will be punished”. Decentralised Finance (DeFi) aims to cut out third parties such as brokerages or exchanges. <\/p>\n

Poly Network has asked for the return of the funds and tweeted the addresses<\/a> that the funds are to be returned to. Paolo Ardoino tweeted<\/a> that Tether had frozen $33 million as part of the hack.<\/p>\n

Today Poly Network indicated that cash might be returning. It tweeted <\/a>a screenshot of a transaction with a comment for the alleged hacker.<\/p>\n

Update<\/strong>: you can view the entire conversation and refund update in this Google doc<\/a> linked from @LX2025<\/a><\/p>\n

This is not the first time that hackers have allegedly stolen Bitcoin. In February, legal proceedings began against Bitcoin developers after the theft of Bitcoin in 2020<\/a>. <\/p>\n

As legal processes ramp up across the world and lawyers aim to recover<\/a> different lost or stolen assets<\/a>, there seem to be fewer places for hackers to hide as new legislation is adopted.<\/p>\n

The Bitcoin SV network, which recently tweeted that gigabyte blocks were mined on the public blockchain<\/a>, was subjected to a series of block-reorganisation attempts in July and early August that attempted to double-spend BSV coins. The network recommended that node operators mark the chain as invalid to “lock the attacker’s fraudulent chain out<\/a>.”<\/p>\n

The EU proposal that addresses improved detection of money laundering and terrorism financing in the Union<\/a> will require ‘digital currency service providers to apply for licences, and anonymous digital currency asset accounts will be banned<\/a>.’ <\/p>\n

The US’ Infrastructure Bill<\/a> proposal requires ‘brokers’ in the digital currency industry to collect information on and report customers’ tax obligations to the government<\/a>.<\/p>\n

So is any version of Bitcoin safe? <\/p>\n

With potential cross-chain vulnerabilities occurring as relay chains<\/a> and cross-chain bridges<\/a> make it easier to move assets across blockchain, penetration testing and checking become ever more important. <\/p>\n

Hacks like this in an Ethereum contract demonstrate how vulnerable smart contracts can be. <\/p>\n

Miners running smaller nodes — the very ethos of DeFi — become more exposed to vulnerabilities like this, whereas miners running large mining nodes clusters have the resources and budget to carry out extensive testing and mitigation when potential hacks occur. <\/p>\n

Will this be the largest hack ever, or will other vulnerabilities expose even larger amounts of money being moved to other blocks before being transferred out of blockchain currency exchanges? <\/p>\n

Hopefully, this wake-up call will have developers making sure that their code is impenetrable — whichever version of the contract is used.<\/p>\n

READ MORE HERE<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

An Ethereum smart contract hack on the Ethereum bridge demonstrate how vulnerable smart contracts could be.
\nREAD MORE HERE…<\/p>\n","protected":false},"author":2,"featured_media":42264,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","footnotes":""},"categories":[62],"tags":[],"class_list":["post-42263","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-zdnet-security"],"yoast_head":"\nPoly Network hackers potentially stole $610 million: Is Bitcoin still safe? 2026 | ThreatsHub Cybersecurity News<\/title>\n<meta name=\"description\" content=\"ThreatsHub Cybersecurity News | ThreatsHub.org | Cloud Security & Cyber Threats Analysis Hub. 100% Free OSINT Threat Intelligent and Cybersecurity News.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.threatshub.org\/blog\/poly-network-hackers-potentially-stole-610-million-is-bitcoin-still-safe\/\" 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