August 12, 2021

Poly Network, announced Tuesday that attackers stole $600 million worth of cryptocurrencies by exploiting a vulnerability in its system.

According to the network, the alleged attacker exploited a vulnerability in the company’s “contract calls,” a type of test that was not intended to be published on the blockchain. The hacker was able to access the ledgers and transfer money, the network said.

While the token prior to the hack was valued at $600 million, $270 million on the Ethereum blockchain, $250 million on the Binance Smart Chain, and $84 million on the Polygon network, its dollar value lost $394 million after news of the theft gained ground online and investors sold cryptocurrencies.

Binance CEO Changpeng Zhao said that although “no one controls” Binance’s blockchain, Poly Network was “coordinating with all our security partners to proactively help” and that while “there are no guarantees. We will do as much as we can.”

Poly Network is a decentralized financial network responsible for linking some of the world’s most widely used digital ledger.

For more information, read the original story in Arstechnica.