Although it seemed crypto hacks were on the decline, just recently, the market bore witness to one of the largest-ever attacks in the young history of decentralized finance (DeFi), wherein an unknown hacker was able to exploit a loophole in cross-chain protocol Poly Network’s digital framework, thereby walking away with a cool $610 million from three separate blockchains.
The Poly Network is a collaborative project helmed by Ontology, Neo and Switcheo. It seeks to foster a “heterogeneous interoperability protocol alliance” integrating blockchains into the larger cross-chain ecosystem. Thanks to its infrastructure, the protocol allows users to swap tokens across different blockchains seamlessly.
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