Poly Network urges users to withdraw after exploit affects 57 crypto assets
” The latest Poly Network make use of has actually been dubbed by blockchain security solutions provider Dedaub as the “34 billion Poly Network hack.” Getting to the bottom of the “34 billion” Poly network hack with a technical postmortem.TL; DRPoly network had an easy 3 of 4 multisig arrangement over 2 years!Looking at the last occasion we found that the private keys to the addresses marked were compromised.” Poly Network got rekt again; apparently because of compromised hot keys.Its going to keep occurring untill our industry changes our method to security.Smart contract audits only scratch the surface.ps Poly network has NOTHING to do with Polygon.
Cointelegraph reached out to Poly Network for more information however did not hear back by the time of publication.The Poly Network was assaulted as soon as before in among the markets largest exploits in August 2021 when hackers, later revealed to be linked with North Korean hacking cumulative the Lazarus Group, snatched over $600 million.Magazine: Tornado Cash 2.0: The race to develop legal and safe coin mixers
Dedaub noted weaknesses in the protocols multi-sig specifying that it had a simple “3 of 4” multi-signature arrangement over 2 years, adding: “Looking at the last occasion we found that the private keys to the addresses marked were compromised.” Dedaub described that the attack wasnt complex as no logic bugs were exploited. It added that Poly Network was slow to respond taking seven hours which cost the platform $5.5 million in taken crypto. Fortunately, a lack of liquidity in a lot of the tokens avoided further losses. Related: Over $204M lost to DeFi hacks and rip-offs in Q2Following the attack, Binance CEO, Changpeng Zhao reassured consumers, specifying that “This does not affect Binance users. We do not support deposits from this network.” Poly Network got rekt again; presumably because of jeopardized hot keys.Its going to keep happening untill our industry changes our approach to security.Smart agreement audits only scratch the surface.ps Poly network has NOTHING to do with Polygon. https://t.co/n1qI48b4Kb— Mudit Gupta (@Mudit__Gupta) July 2, 2023
Tokens transferred out of Poly Network.” The most current Poly Network exploit has been dubbed by blockchain security solutions provider Dedaub as the “34 billion Poly Network hack.” Getting to the bottom of the “34 billion” Poly network hack with a technical postmortem.TL; DRPoly network had a simple 3 of 4 multisig arrangement over 2 years!Looking at the last event we discovered that the personal keys to the addresses marked were jeopardized.