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Poly Network’s $600 Million Hack: A Call for More Secure Blockchain Environments

Published 08/18/2021, 09:45 AM
Updated 08/18/2021, 10:00 AM
Poly Network’s $600 Million Hack: A Call for More Secure Blockchain Environments
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  • Poly Network marks the largest DeFi hack to date with $600 million involved.
  • The hacker posted a message on Ethereum asking for a bounty of $500K.
  • Existing security challenges now threaten DeFi’s goal to define the future of finance.

Despite its success, the crypto market has been a victim of many hacks over the years. This market hosts all sorts of stakeholders ranging from innovators, investors, and malicious players. The latter group is a nuisance, with the latest Cipher Trace report showing that crypto market hacks in the first half of 2021 totaled $681 million. Decentralized Finance (DeFi) took the largest hit, making up over 75% of the total hacks in crypto.

Following the latest hack on Poly Network, the figure will likely be much higher at the end of the year. Poly Network was compromised on August 10, marking the largest DeFi hack to date as...

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