Crypto Token Hacks – How Hackers pulled it off

The crypto world faced a massive setback as hackers stole and got away with a heist that no one would have imagined in their dreams. They stole more than six hundred million dollars worth of digital coins.

For those who are still not in the loop, these digital coins were stolen from Poly Network, which is a renowned platform for token swapping. Fortunately, there was some good news as the hackers agreed to return two hundred and sixty million dollars worth of crypto back within a day.

As mentioned earlier, everybody was left baffled by this predicament and wondered how the hackers pulled this off. That said, it wouldn’t come off as a surprise that people wondered how these hackers actually pulled off the heist.

One of the reasons behind their success is that they targeted a network that is not as popular as other ones. Sure, Poly is an excellent crypto platform, but it is nowhere are popular as other ones on the crypto landscape.

The network of Poly is completely decentralized and it facilitates transactions that are peer to peer while focusing on letting users swap or transfer tokens in a variety of blockchains.

 Initially, no one knew where the website of Poly Network was based from. As a matter of fact, there was little to no information regarding who was responsible for running it.

Later on, however, experts learned that the creators of project Neo, which is a Chinese blockchain, launched the Poly Network. The main way Poly Network runs is through Binance Smart Chain, Polygon, and Ethereum Smart Chains.

The swapping of tokens between various blockchains takes place with the help of smart contracts. These contracts have instructions regarding when the assets should be released to counterparties.

Several analysts tried to reduce how the hackers got hold of the crypto. They learned that the hackers essentially ended up overriding contract instructions regarding the blockchains.

After that, they diverted all of the funds, making sure that three completely different wallet addresses received them. What’s more, the Poly network traced as well as published this information later.

Attackers also got hold of the funds within twelve different cryptos. This included bitcoin as well as ether. According to recent pieces of news, hackers ended up returning a certain amount of assets.

According to the Poly Network, more than three hundred million Dollars remained outstanding. That said, it still remains unclear where the rest of the assets were hidden.

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