Polynetwork’s Horrible 661 Million USD HACK Case

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2021-10-27 07:19:15

Market Update

Last Wednesday, CryptoQuant’s Ki Young Ju share tweets also caused a lot of controversy, saying that it saw signs of whales moving Bitcoin to the exchange similar to February 2020 before there was a strong dump. This is data on a 3-day average of the proportion of BTC coming from whale wallets to the total amount of BTC deposited on the exchange.

However, many people believe that February 2020 is the time right before the outbreak of the disease, so this data is not reliable. Anyway, Bitcoin has gone from $30,000 to $45,000 in a short period of time, so a correction is common in the market.

For a better overview, let’s take a look at other on-chain data. Regarding the rate of BTC depositing and withdrawing from exchanges, it still shows that the general situation is that BTC is being withdrawn from the exchange more than the amount deposited. The data mentioned by Ki Young Ju in the tweet only reflects the amount of BTC deposited on the exchange, not the amount withdrawn from the exchange.

Furthermore, data from Santiment that Thuan shared earlier also shows that BTC wallets holding between 100 and 10,000 BTC have not seen any signs of profit taking as the price has risen over the past few weeks. Even these wallets have increased their BTC holdings, now they are holding a total of 9.23 million BTC, which is the highest level since July 28 of this year.

Glassnode’s on-chain data is shared by Will Clemente also shows that wallets with between 10,000 BTC and 100,000 BTC have stored an additional 269,450 BTC (equivalent to more than 12 billion USD) since May 19 to date.

One more confirmation, Glassnode shared that as BTC moves towards $45,000, we don’t see BTCs stored for a year or more moving. This is very different from 2018, every time the price of BTC is pushed down because people want to get out. This situation is not the same, but on the contrary, currently BTC is still withdrawn from the exchange more.

Recently, BTC has moved sideways below $ 40,000, but Coinbase’s Q2 business report is still very good. Coinbase’s net revenue reached $2 billion, of which $1.9 billion was trading revenue.

Coinbase reported assets under management of $180 billion, representing 11.2% of the total market capitalization of crypto assets. Of the total $180 billion in assets on the platform, retail investors account for $88 billion and institutions $92 billion. At the same time, in the asset category on bitcoin accounts for 47% and 24% is ETH.

It can be seen that since mid-May, the market has dropped sharply, but the volume of transactions on Coinbase is still very large, the excitement and heat of the market is still high.

Horrible hack in the DeFi market

Poly Network is a protocol for exchanging tokens on multiple blockchains, including Bitcoin, Ethereum, and Ontology. It was formed by an alliance between the teams behind many blockchain platforms, namely Neo, Ontology, and Switcheo. This is not a completely different protocol from Ethereum’s second-tier network, Polygon (MATIC), many people easily confuse these two names.

Cross-chain protocol Poly Network was hacked with $611 million lost in the largest DeFi hack to date. The stolen assets were $273 million in Ethereum, $253 million in tokens on the Binance Smart Chain network, and 85 million USDC on the Polygon network.

After the hack took place, the Tether company blacklisted the USDT on Ethereum that was stolen in the attack, worth about $33 million worth of cryptocurrency. That means the hacker won’t be able to move anymore.

After being blacklisted, a crypto user sent a transaction to one of the addresses containing the stolen funds and informed the hacker not to use USDT because it was blacklisted. black book. The hacker then sent 13.37 ETH (equivalent to $42,000) to the person who informed them.

Blockchain security firm SlowMist, which specializes in cybersecurity investigations, said it detected and tracked the hacker’s ID. SlowMist also claims it also knows the attacker’s email address, IP information, and device fingerprint.

SlowMist has also identified the cause of the attack explaining that hackers exploited a vulnerability in Poly Network’s smart contracts to allow them to withdraw unlimited funds from other users.

Poly Network then sent a message to the hacker via social media urging them to return the stolen property. They warn that the amount of money hackers took is the largest amount in history. So law enforcement in any country will consider this a major economic crime and you will be chased.

The hacker encrypted the messages in the transactions associated with the Poly Network Exploiter address used for the attack saying “Ready to return!”. The hacker then started returning the assets. Cryptocurrencies were stolen, less than a day after their ID information was obtained by blockchain security firm Slowmist. The hacker has now sent back $ 256 million in cryptocurrency.

After that, the hacker decided to send back 1 million USDC on the Polygon blockchain. hacker did so in three transactions with increasing amounts (10; 10,000 and 1 million USD). The next asset sent back was 23.8 BTCB ($1.1 million), a bitcoin-pegged token on Binance Smart Chain, as well as $259.7 billion shiba inu (SHIBA) tokens worth $2 million and $600,000 in FEI stablecoins.

Hours later, after speaking to the Poly Network team with encrypted messages, the hacker sent back nearly all of the assets on Binance Smart Chain. The hacker deposited more than 1,000 BTCB ($46.4 million), 26,629 ETH ($86 million), and $119 million in stablecoin BUSD. The only asset left on the chain is 6.613 BNB (equivalent to $2.6 million).

This is the biggest DeFi hack to date, this market is still very new and needs more caution. These errors will be warnings to help developers improve the future development of DeFi.

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