Largest Crypto Hack Till Date: Poly Network Loses Over $600 Million

Trying to make the most of the growing popularity of the DeFi sector, we have news of what could potentially be the largest hack the crypto industry has seen till date. According to reports, cross-chain DeFi platform Poly Network suffered an attack on Tuesday, with hackers camping off with around $600 million in digital assets.

The DeFi platform which runs on Ethereum, Binance Smart Chain and Polygon was launched by the developers of China-based blockchain network Neo. The hackers launched attacks against Poly Network on all three blockchain and transferred the loot into three addresses which have been identified and are said to hold over $600 million in different digital currencies among them.

After detecting the attack, Poly Network has been working with customers, crypto exchanges and miners, requesting them to block transactions from these specific addresses. In response, Tether froze around $33 million on one of the addresses even as it attempted to move some of the stolen assets into liquidity pool Curve.fi, which was also rejected.

Cross-chain protocols are especially vulnerable to malicious attacks and the one on Poly Network unfortunately was not the first in this space. Last month, cross-chain liquidity protocol Thorchain experienced two exploits in a matter of a couple of weeks, while another cross-chain DeFi protocol Rari Capital lost almost $11 million worth of ETH tokens to an attack in May.

ABOUT THE AUTHOR See More

Aiswarya Gopan

Financial Writer & Editor - Asia & Europe Desk

Aiswarya Gopan is a financial journalist, editor, and content strategist with more than 19 years of experience across financial markets, fintech, blockchain, and technology. She has worked with leading cryptocurrency exchanges, including BingX and KuCoin, driving content strategy, market research, and editorial initiatives covering digital assets, DeFi, Web3, and global financial markets. Drawing on a background in cybersecurity, technology journalism, and market research, Aiswarya specializes in translating complex financial and blockchain developments into clear, timely insights. At FX Leaders, she covers cryptocurrency, stocks, forex, and macroeconomic developments across the Asian and European trading sessions.

Ethereum Pulls Back to $1,885 as Technical Resistance Keeps Recovery in Check

1 day ago

Save

Hackers Steal $35 Million in Bitcoin and Ethereum from Verus and B2

2 days ago

Save

Ethereum Climbs to $1,924 as Recovery Gains Traction Through July

2 days ago

Save