Quick Take

• Cross-chain protocol Poly Network has been hacked for $611 million.


• The team behind the protocol is urging exchanges to block the funds that were taken.

Cross-chain protocol Poly Network has been hacked for $611 million in the largest DeFi hack to date.

"We are sorry to announce that #PolyNetwork was attacked on @BinanceChain @ethereum and @0xPolygon," tweeted Poly Network today, adding, "We call on miners of affected blockchain and crypto exchanges to blacklist tokens coming from the above addresses."

Poly Network is a protocol for swapping tokens across multiple blockchains, including Bitcoin, Ethereum and Ontology. It was formed by an alliance between the teams behind multiple blockchain platforms, namely Neo, Ontology, and Switcheo.

The assets stolen were $273 million of Ethereum tokens, $253 million in tokens on Binance Smart Chain and $85 million in USDC on the Polygon network.

According to The Block Research's Igor Igamberdiev, the root cause of the hack was a cryptography issue — which is not usually the case. It appears that the attackers somehow created a fake transaction signature to steal the funds.

The hack has also had wider implications. As a result of it, O3, a trading pool that uses Poly Network to trade tokens among different blockchains, has had to suspend its cross-chain functionality.

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