Hackers Steal 94 Billion SHIB Tokens from PolyNetwork

PolyNetwork has been hacked again, and this time the hackers made off with a significant amount of Shiba Inu (SHIB) tokens. This time, the hackers stole Shiba Inu tokens valued at millions of dollars.

The hackers behind the PolyNetwork hack have been liquidating their stolen assets, including 94 billion SHIB tokens, 495 million COOK tokens, and 15 million RFuel tokens.

The hackers have been selling them off, exchanging them for Ether and other assets.

PolyNetwork has a history of being hacked. In 2021, hackers stole over $600 million from the platform, making it the largest DeFi hack in history.

The $600 million that was stolen from PolyNetwork in 2021 was eventually returned, but the incident highlighted the security risks that exist in the cryptocurrency industry.

The hack on PolyNetwork has caused liquidity issues for the platform, as large amounts of BNB and BUSD are reportedly unable to be moved cross-chain.

Binance CEO Changpeng Zhao (CZ) has assured users that the recent hack on Poly Network does not affect Binance users, as the exchange does not support deposits from the network. CZ also stated that the Binance security team is aiding in ongoing investigations.

Poly Network has been temporarily taken offline following a major attack. To determine the impact of the assault and quickly resume service, the team is collaborating with the pertinent parties.

Blockchain security firm BlockSec described how the attackers locked a small number of tokens on the source chain before unlocking a larger quantity on the destination chain in the assault on PolyNetwork.

The PolyNetwork hack was a major setback for the DeFi industry, but it is also an opportunity to learn from the mistakes and improve security. The industry must continue to work together to make DEFI a safer place for users and investors.

I am Vishal. I post articles about the cryptocurrency markets. I'm pursuing a BBA degree. My home is in Navi Mumbai, Maharashtra.I'm constantly interested in new advancements in this industry and I learn something new about it every day. I would love to share such information with you all.

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