PolyNetwork Hacked: Hackers Steal 403 ETH Worth of Tokens in Exploitation

Lookonchain, a smartmoney on-chain analytical platform, warned of a potential attack on PolyNetwork. Abnormal transactions involving significant amounts of SHIB, COOK, and RFuel for ETH have raised concerns, with hackers also transferring assets to new wallets, possibly preparing for a large-scale attack.

Abnormal Transactions Trigger Alarm

Lookonchain has flagged abnormal transactions on the PolyNetwork, indicating a potential attack. The platform reported the sale of 94 billion SHIB for 360 ETH, 495 million COOK for 16 ETH, and 15 million RFuel for 27 ETH. These large and suspicious transactions have raised concerns among investors and the broader crypto community.

Metis DAO Steps In

Metis DAO, a reputable layer 2 protocol on the Ethereum network, has confirmed Lookonchain’s warnings and is actively collaborating with the PolyNetwork team to address the situation.

The DAO has assured its followers that all funds on Metis Andromeda are secure, and it is taking steps to minimize the impact of any potential attack.

Safety Measures in Place

In response to the potential threat, Metis has taken precautionary measures to protect funds on its platform. The DAO has locked all the METIS tokens minted from Polybridge on the BNBChain, thereby limiting liquidity and safeguarding investor assets.

PolyNetwork’s Vulnerability

PolyNetwork, a blockchain protocol aimed at promoting compatibility between different blockchains, has historically been targeted by hackers due to its significant liquidity flow.

In the past, hackers managed to steal approximately $600 million worth of digital tokens from the network. Although the stolen tokens were later returned, the incident highlights the network’s vulnerability to attacks.

PolyNetwork’s Unusual Approach

In a surprising turn of events, PolyNetwork offered the hacker who returned the stolen tokens a $500,000 reward and invited them to become its chief security advisor.

This unconventional approach has raised eyebrows within the crypto community, with some questioning the wisdom of rewarding hackers.