PolyNetwork has been hit by another hack, resulting in a colossal sale of 94 billion $SHIB tokens
, but the incident highlighted the persistent vulnerabilities in the nascent crypto space.
Today's event further strains the platform's liquidity, with large amounts of BNB and BUSD reportedly unable to be moved cross-chain at this time due to the attack. The BlockSec team identified the attack on PolyNetwork, outlining that the attackers locked a small number of tokens on the source chain before unlocking a greater number on the destination chain.
Yu Xian, founder of SlowMist, a blockchain security company, assured users not to panic, stating that the $4.2 billion worth of assets stolen by the hackers are mostly"air" and will not materialize into actual assets. However, it remains clear that security concerns in the DeFi space persist, and the industry must continue to bolster its defenses against cyber threats.
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