Poly Network, a protocol for cross-blockchain interoperability, has been targeted again after the devastating $600 million hack of two years ago. This time, a malicious actor was able to create large quantities of multiple tokens, including Shiba Inu (SHIB).

Colin Wu, a Chinese blockchain journalist, recently drew attention to an exploit via a tweet.

Wu claims that analysis of blockchain transactions shows the perpetrators were able to exploit a feature of Poly Network to generate a large amount of a variety of tokens on multiple networks.

The exploiters produced a huge amount of Shiba Inu tokens on the Huobi ECO (HECO) chain, with the total amount reaching 999.8 trillion. On Metis, a layer-2 scaling protocol based on Ethereum, 99.9 million BNB and 10 billion BUSD were generated. Additionally, Polygon saw the creation of 999.9 million OOE, 636.6 million STACK, 88.6 million GM, and 2.1 million O3.

Millions of different assets were distributed using blockchains like Avalanche and BSC, which caused their holdings to rise considerably. According to Certik, the total value of the issued tokens was around $42 billion.

The total of $42 billion of Metis blockchain-issued BUSD and BNB is made up of $34.5 billion. Fortunately, Metis has confirmed that there is no cause for alarm since the protocol does not have the liquidity to manage a sale of the illicitly generated tokens. In addition, Poly Network has blocked all the METIS tokens on BNB Chain.

Lookonchain uncovered that the cyber criminals were able to unload 94 billion SHIB for 360 ETH, and also acquired 43 ETH from selling copious amounts of COOK and RFuel.

MistTrack, a monitoring system, provided an exact breakdown of the resources converted into cash, which totaled $4.39 million. The tracking protocol indicated that the aggressors used Tornado Cash, Uniswap, Pancakeswap, ChangeNOW, KuCoin, and other websites for these exchanges.

Poly Network React

The Poly Network crew revealed that they would need to pause their operations on the protocol after the occurrence. They requested for the help of cyber safety professionals and asked everyone with relevant data to get in touch with them.

The group said they are in contact with the proper authorities and security forces to examine the incident. They still have faith that those involved in the breach will give back the money to dodge any legal consequences.

Poly Network reported that the assault had an impact on 57 digital currencies across ten blockchain systems. They gave an itemized spreadsheet of the influenced tokens and the particular blockchains. The team has asked the applicable gatherings to pull back liquidity from DEXs to keep the assailants from selling the tokens.

In August 2021, Poly Network suffered a huge attack that caused a loss of $611 million, making it the largest DeFi hack recorded up until then. Fortunately, the network was able to get back on its feet afterwards.

HYIPer.net » Over 999 Trillion SHIB Tokens were Minted in a Recent Attack on Poly Network