HomeNewsAttackers Strike: Billions Worth of Stolen Shiba Inu Tokens Swapped in Major...

Attackers Strike: Billions Worth of Stolen Shiba Inu Tokens Swapped in Major Crypto Breach

- Advertisement -
  • Poly Network, a prominent DeFi platform, experienced another significant cyber attack, resulting in the theft and trade of billions of various tokens, including 999 trillion Shiba Inu (SHIB) tokens on the Heco blockchain.
  • The hackers have successfully traded over $4.39 million worth of stolen cryptocurrencies using various platforms, leaving a substantial amount distributed among over 60 addresses across multiple chains.

Poly Network, a front-runner in the decentralized finance (DeFi) sector, has been targeted by cybercriminals once again. In a grim repeat of the August 2021 attack, which led to a $600 million digital token heist, the network’s smart contracts were manipulated, resulting in the minting of a vast number of tokens across different blockchains.

The enormity of this latest breach is astounding. The perpetrators minted 24 billion Binance USD (BUSD) and BNB tokens on the Metis blockchain, 999 trillion Shiba Inu (SHIB) tokens on the Heco blockchain, and a substantial number of additional tokens on various other networks.

Crypto tracking platform, MistTrack, reported that the cybercriminals have already managed to cash in more than $4.39 million worth of the stolen digital assets. A nuanced investigation by the platform uncovers the intricate methods employed by the hackers to liquidate the pilfered tokens.

The hackers, employing an array of platforms such as KuCoin, Tornado Cash, Uniswap, PancakeSwap, FixedFloat, ChangeNOW, Wing, and OpenOcean, effectively laundered the stolen cryptocurrencies. Following the attack, mainstream assets worth $1.22 million were exchanged for stolen tokens like sUSD, RFuel, and COOK on platforms like Uniswap and PancakeSwap.

Furthermore, the remaining assets have been widely distributed across over 60 addresses on multiple chains, effectively lying dormant for now.

Amidst the turmoil, the Poly Network team has taken quick action to block the address associated with the breach. However, they have stated that the analysis to uncover the root cause of this latest attack is still ongoing.

This second major breach on Poly Network underscores the urgent need for enhanced security measures in the DeFi sector. It not only highlights the vulnerability of smart contracts but also emphasizes the incredible adaptability and sophistication of cybercriminals targeting the blockchain ecosystem.

Disclaimer: ETHNews does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to cryptocurrencies. ETHNews is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned.
AnnJoy Makena
AnnJoy Makenahttps://www.ethnews.com
Annjoy Makena is an accomplished and passionate writer who specializes in the fascinating world of cryptocurrencies. With a profound understanding of blockchain technology and its implications, she is dedicated to demystifying complex concepts and delivering valuable insights to her readers. Business Email: info@ethnews.com Phone: +49 160 92211628