PolyNetwork, a cryptocurrency swapping protocol, announced on Tuesday that it had been hacked, resulting in a record-breaking $611 million loss.
The interoperability protocol has been exploited on Binance Smart Chain, Polygon, and Ethereum. By stealing more than $600 million from at least three wallet addresses, the culprits have set a new record in the decentralized finance space.
The attack is thought to be the greatest fraud in the history of “decentralized finance,” or DeFi.
Assets stored on Binance Smart Chain, Ethereum, and Polygon had been transferred to other addresses belonging to the hackers, according to the project’s team.
The ETH address, which has already been linked to the breach, now has 2,858 ETH tokens worth $266,5 million.
More than 6,610 BNB tokens are stored in the Binance Smart Chain wallet. In US dollars, the amount is little more than $252 million. The Polygon location indicates a value of $85 million.
PolyNetwork also urged cryptocurrency exchanges to blacklist any tokens coming from these addresses and provided three addresses that it says the assets have been transferred to.
The team threatened in a tweet to “take legal action” and demanded that the stolen monies be returned.