Largest Defi Hack: Neo Initiated Two Defi Projects Suffer $610 Million Hack

Largest Defi Hack: Neo Initiated Two Defi Projects Suffer $610 Million Hack

Defi Interoperability protocol Poly Network suffered a major hack across Binance Binance Smart Chain (BSC), Ethereum (ETH), and Polygon. A total of $610 million worth of assets were transferred to three different addresses on mentioned blockchains. This could be potentially the largest defi hack in history.

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: 0xC8a65Fadf0e0dDAf421F28FEAb69Bf6E2E589963BSC: 0x0D6e286A7cfD25E0c01fEe9756765D8033B32C71— Poly Network (@PolyNetwork2) August 10, 2021

The attack surfaced when the largest cross-chain defi protocol O3 had difficulty in processing $150 million worth of transactions. Wu Blockchain first reported the potential hack when the O3 protocol had issues processing fund hundreds of millions of dollars worth of funds.

As per the latest update, the BSC address starting with 0x0D6e2 exceeded received $250 million, Ethernet Square address starting with 0xC8a65 saw $ 270 million transfer while the Polygon address received $ 85 million.

Both Poly Network and O3 protocol have suspended cross-chain functionalities in the wake of the hack. Poly Network has alerted exchange services to blacklist transactions originating from the hacked accounts. It also appealed to the hackers to return the fund while assuring they would take legal actions.

O3 Swap cross-chain function is currently suspended due to the Poly Network was hacked. We are in contact with the team. Please be patient to back to full functionality. The non-cross-chain function is available and can be used normally.— O3Labs (@O3_Labs) August 10, 2021