#Reddit poly bridge series#

While using ‘blockchain interoperability’ to solve one problem of cryptocurrencies – siloed communication within separate blockchains – Poly was exposed as vulnerable by the hacker and jeopardised their users’ money instead. This means being able to make transactions across Bitcoin, Ethereum, Ontology, Binance Smart Chain, and so on. Poly Network is a ‘cross chain’ platform that tries to help users communicate across completely different blockchains. The hacker claims to have noticed a security hole in how Poly Network uses ‘smart contracts’ called tokens to trade cryptocurrencies, explained in a tweet thread by Kelvin Fichter, a blockchain developer. How did the hacker steal $610 million from the Poly Network? Cryptocurrencies worth $65 billion were locked into DeFi platforms, as of May 2021. This hack was directed at Poly Network, a decentralised finance (DeFi) platform that facilitates users that lend, borrow, exchange or trade cryptocurrencies – and earn or pay interest while doing so. He only took up this drastic step because he was paranoid that the Poly Network team would fix the glitch without informing anyone about it.

#Reddit poly bridge series#

The self proclaimed do-gooder claims to have breached the system and stolen $610 million in cryptocurrencies - Ethereum, Binance Smart Chain and Polygon tokens - simply because he wanted to highlight the vulnerabilities of the Poly Network blockchain platform.Īccording to the four-part question & answer series they have attached to their transactions as comments while returning the funds, the hacker claims to not be ‘evil’. In the single largest cryptocurrency hack so far, over $600 million was stolen on Augby a ‘white hat’ hacker.