Poly Network Exploit 2.0 Shocks the Crypto World

    The cross-chain protocol Poly network has been hacked once again, and fake mining has put the crypto world's security measures to the test.

HACKING MINING SCAM

     The attackers mined $42 billion worth of tokens by abusing a smart contract function of Polynetwork's bridge tool. This includes BUSD and BNB on the Metis blockchain; SHIB on the Heko blockchain; and many other tokens on Avalanche, Polygon, and BSC Networks. Although the attackers were able to trade shitcoin with Ethereum, but low liquidity and high security prevented major damage. 

HOW RELIABLE IS THE POLY NETWORK?

     Old players in the crypto world remember the "Poly Network exploit" on August 10, 2021, the then-biggest DeFi theft. That time, the hacker returned the stolen money on request and was declared a White-Hat in return. Poly Network also rewarded the hacker with a $500k bounty and a security-based job on the platform. A $100k bug bounty programme was also launched after that. This time the hack has happened in a different way, with the biggest fake mining in the crypto world.

EFFECT AND SAFETY

     Shitcoins went to new lows as soon as the news of hacked mining broke; for example, Cook Finance (COOK) rolled down more than 51%. Proper blockchain-based cryptos survived; for example, SHIB mined on non-Ethereum blockchains was considered a wormhole. CZ also informed us that Binance has never accepted any such generated coins.

Brought to you by Yugocean, originally posted here.