In a recent security breach on Poly Network, an unknown attacker successfully swapped out over $10 million worth of ether, according to security firm Beosin.
Poly Network, a cross-chain bridge for asset transfers, fell victim to the attack, allowing the perpetrator to create 57 tokens across multiple blockchains, including Ethereum, BNB Chain, Metis, and Polygon.
Although the attacker's crypto wallet showed a value exceeding $34 billion, the lack of liquidity in the affected chains prevented them from realizing those gains.
Only a small portion of the stolen tokens, approximately 5,196 ETH or $10.1 million, was exchanged for ether on the Ethereum and Binance Smart Chain networks.
Security analysts suspect that compromised private keys used in the platform's main smart contract may have facilitated the attack. The Poly Network team has yet to respond to these claims.
This incident marks the second major security breach for Poly Network, following a $611 million theft in 2021.
Poly Network has temporarily suspended its services and is actively collaborating with centralized exchanges and law enforcement agencies to track the attacker and recover the funds. They have also advised affected projects to withdraw liquidity from decentralized exchanges and appealed to the attacker to return the assets to avoid legal consequences.
