Poly Network suspends services after hack

Although the official amount has not been announced, it is said that the firm reportedly lost out on around $5.5m

Global cross-chain protocol Poly Network announced its decision to halt operations after a “recent attack” against its platform.

The team stated it has been hacked in an exploit that affected 57 cryptocurrencies – including Shiba Inu and Dai – across 10 blockchains, after which the firm advised its users to “promptly withdraw liquidity from decentralized exchanges.”

This is not the first hack against the decentralized finance platform. In 2021, the network experienced an attack where criminals stole roughly $600m worth of digital assets.

Poly Network has urged its users who may have knowledge of the matter to share such information with the team.

The firm also requested the help of “cybersecurity professionals and individuals” alongside joining forces to track down the fraudsters involved in the crime.

Although there has not been a total value declared from the sleuth. It is said that the overall sum could be deemed substantial.

However, private security firm Dedaub has claimed the hackers reportedly compromised the address's private keys to obtain the relevant access to carry out the criminal activity, to the value of an estimated $5.5m.

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Written by Isabella Aslam


Isabella is an experienced writer in B2B and B2C journalism. Alongside crypto, Isabella writes and discusses the topics of relationships and psychology. Isabella holds a first-class degree in music journalism and often interviews electronic artists and DJs.