Crypto Market Hacked as Scammers Steal $600 Million From Poly Network, Break into Ethereum and Binance Chain

The cryptocurrency market has been attacked by hackers who stole $600 million. Hackers attacked the Poly Network on Ethereum, Binance Chain and Polygon and transferred the assets to their wallets.

The hackers wallet addresses are ETH: 0xC8a65Fadf0e0dDAf421F28FEAb69Bf6E2E589963 and BSC: 0x0D6e286A7cfD25E0c01fEe9756765D8033B32C71 and Polygon: 0x5dc3603C9D42Ff184153a8a9094a73d461663214.

Bitcoin Cryptocurrency
Bitcoin Cryptocurrency Pixabay

Poly Network has urged miners to stop trading and blacklist crypto exchanges Binance, Huobi Global, OKEx and Coin Base Pro.

Reports also states that Tether just froze $33million on the wallet 0xC8a65Fadf0e0dDAf421F28FEAb69Bf6E2E589963 as part of the #PolyNetwork hack. The network has now red marked all the hackers wallet address.

Poly Network took to Twitter to share the hacking news by tweeting, ''Important Notice: We are sorry to announce that #PolyNetwork was attacked on @BinanceChain @ethereum and @0xPolygon Assets had been transferred to hacker's following addresses: ETH: 0xC8a65Fadf0e0dDAf421F28FEAb69Bf6E2E589963 BSC: 0x0D6e286A7cfD25E0c01fEe9756765D8033B32C71.''

They followed it up with a thread of tweets that read: ''We call on miners of affected blockchain and crypto exchanges to blacklist tokens coming from the above addresses. @Tether_to @circlepay.''

Poly Network $600 Million Hackers Cryptocurrency Scam

Poly Network revealed they would file a legal action against the attackers and asked them to return the hacked assets. ''We will take legal actions and we urge the hackers to return the assets,'' they tweeted.

The network tracked the hackers' movements and confirmed that the assets have been deposited to a new address.

''The hacker has deposited $USDC and $DAI to the curve. ETH:0xf8B5c45c6388c9Ee12546061786026aAeaa4b682 We appeal token issuers to blacklist assets coming from the above address. @MakerDAO @circlepay,'' tweeted Poly Network.

Poly Network $600 Million Hackers Cryptocurrency Scam

The hack is arguably the biggest controversy that has rocked the crypto market and Bitcoin immediately turned to red post the hacking announcement from Poly Network.

The cryptocurrency market just saw a sigh of relief after trading in red since May 2021 and had only picked up steam during the last week of July. Investors fear the latest hacking controversy might dip the market again with an inevitable bloodbath.

Investors have already begun pulling out their investments from the market in the fear of a crash and large sell-offs might create a domino effect of panic selling and cause further damage.

This article was first published on August 10, 2021