Hackers stole more than $600m in digital coins from token-swapping platform Poly Network, only to return $342m worth of tokens about two days later
Washington — Hackers pulled off the biggest cryptocurrency heist to date on Tuesday, stealing more than $600m in digital coins from token-swapping platform Poly Network, only to return $342m worth of tokens less than 48 hours later, the company said.A lesser-known name in the world of crypto, Poly Network is a decentralised finance platform that facilitates peer-to-peer transactions with a focus on allowing users to transfer or swap tokens across different blockchains.
According to Neo’s website, Poly Network was launched in August 2020 as a collaboration between Neo, crypto trading platform Switcheo and blockchain company Ontology.Poly Network operates on the Binance Smart Chain, Ethereum and Polygon blockchains. Tokens are swapped between the blockchains using a smart contract which contains instructions on when to release the assets to the counterparties.
According to an analysis of the transactions tweeted by Kelvin Fichter, an ethereum programmer, the hackers appeared to override the contract instructions for each of the three blockchains and diverted the funds to three wallet addresses, digital locations for storing tokens. These were later traced and published by Poly Network.
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