Poly Network suffered an attack on Aug. 10, 2021, resulting in the loss of approximately US $611 million in assets across the Ethereum, Binance Smart Chain, and Polygon blockchains. Neo Global Development and Flamingo Finance reported NEO, GAS, and NEP-5 assets were not impacted and are safe.
In response to the attack, NGD has temporarily paused the migration of NEO and GAS from Neo Legacy to Neo N3. Poly Network provides the bridge between the two Neo versions during the migration process. Additionally, Flamingo Finance, Switcheo, and O3 Labs have also suspended any processes that utilize the Poly Network protocol.
Within a few hours of the attack, Tether announced it had frozen approximately $33 million in USDT associated with the attack. At the time of press, Huobi, OKEX, and Binance leadership have signaled they are monitoring onchain activity for potential movement of stolen coins.
The blockchain security firm, Slowmist, purportedly tracked the attacker’s identification, including their email address, IP information, and device fingerprint. However, the Poly Network team released a public letter addressed to the attacker, encouraging them to contact the team and develop a resolution to recover the stolen assets.
While the cause of the attack has not yet been confirmed, Poly Network tweeted that preliminary investigations have led it believe that the hacker “exploited a vulnerability between contract calls.”
Poly Network is a protocol that facilitates cross-chain transactions between participating blockchains without issuing a new token. At the time of press, Poly Network operates across 11 blockchain networks.
More information about the attack will be released as it is made available.