Recently, Hackers pulled off the biggest ever cryptocurrency heist, stealing $613 million in digital coins from token-swapping platform Poly Network.
What is Poly Network?
A lesser-known name in the world of crypto, it is a decentralised finance (DeFi) platform that facilitates peer-to-peer transactions with a focus on allowing users to transfer or swap tokens across different blockchains.
For example, a customer could use the network to transfer tokens such as bitcoin from the Ethereum blockchain to the Binance Smart Chain, perhaps looking to access a specific application.
It was not immediately clear from Poly Network’s website where the platform is based or who runs it.
According to specialist crypto website Coindesk, Poly Network was launched by the founders of Chinese blockchain project Neo.
Hacking of Poly Network
- The network operates on the Binance Smart Chain, Ethereum and Polygon blockchains.
- The tokens are swapped between the blockchains using a smart contract which contains instructions on when to release the assets to the counterparties.
- The Network uses one of the smart contracts to transfer tokens between blockchains maintains large amounts of liquidity to allow users to efficiently swap tokens.
The attackers stole funds in more than 12 different cryptocurrencies, including ether and a type of bitcoin.
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