Poly Network Breach August 10, 2021

Poly Network is a global blockchain infrastructure. It lets its users take digital ledgers from one type of cryptocurrency and exchange it for another.

What Was the Breach?

Poly Network lost $600 million in a crypto heist. However, the platform engaged in a dialogue with the hacker that proved productive. That conversation led to the return of some of the funds. The Poly Network breach is yet another reminder of the importance of fortifying your digital security barriers against emerging threats.

Neo, the company that launched Poly Network, announced the breach through tweets noting that it is apologetic about the theft of crypto. The company noted the addresses where the stolen crypto was transferred to provide customers with complete transparency. The company also urged crypto exchanges and traders to stop trading with the addresses in question.

How Did the Breach Occur?

Hackers accessed the Poly Network database, shifted funds out of customer crypto accounts, and attempted to launder those funds through a series of transactions also made in crypto. However, laundering crypto and cashing it out is inherently challenging due to the complexities of the blockchain.

The criminal in question took to the internet after the attack, noting how they used an untraceable IP address and email, temporarily covering their tracks.

When Did This Breach Occur?

This breach occurred on August 10, 2021.

Who Does the Breach Impact?

The breach is one of many in the crypto industry that has compromised crypto holders' accounts and the integrity of crypto exchanges and platforms.

How Many Files Does the Breach Affect?

The breach resulted in the loss of $600 million worth of crypto. However, as time progressed, the digital miscreant responsible for the attack gradually returned slightly more than $250 million of the stolen crypto.