The name Poly Network may ring a bell, because in August 2021 they were exploited for an (at the time) record-setting $611 million.
Now, it’s happened again, and some reports are throwing around even more massive numbers like $42 billion. In reality, the exploiters were able to mint massive quantities of tokens on multiple networks, with their wallet balances showing numbers in the billions. However, complete lack of liquidity for these tokens meant their “billions” are worth substantially less.
According to crypto research firm SlowMist, the attackers have so far cashed out around $4.4 million in liquid assets. Poly Network suspended services shortly after the attack.
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