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Tags Current Affairs

Stealing of crypto tokens from Poly Network

Date: 16 August 2021 Tags: IT, Mobile & Computers


Hackers were able to steal $613 million worth of cryptocurrency from token-swapping platform Poly Network.



This is the biggest digital currency heist that has taken place in recent years. The hackers returned back $260 million.



  • Poly Network is a decentralized finance (DeFi) platform that allows users to transfer or swap tokens across different blockchains.

  • It will allow an individual to transfer bitcoin from Binance Smart Chain to Ethereal blockchain for a specific purpose.

  • Poly Network was launched by founders of Chinese blockchain project Neo. However, there is no idea of Poly Network’s website or who runs it.


The stealing

  • Ethereum, Polygon and Binance Smart Chain are the blockchains on which Poly Network operates.  A smart contract is used to transfer bitcoins from one platform to another.

  • The smart contract currently in use has large amount of liquidity for efficiently swapping tokens between platforms. The hackers used vulnerability in this contract to perform the heist.

  • The hackers were able to steal coins in more than 12 cryptocurrency forms including ether and later transferred the coins to their wallets.



  • Experts say that the hack was well organized, planned and perpetrated using sophisticated tools. They managed to trace IP address used by the hacker.

  • The hacker has portrayed himself/herself as ethical hacker but experts do not buy into the argument.

  • The ethical hackers are usually concerned with exposing vulnerability and do not steal such huge amount of money. They had returned some sum as they were unable to convert them.



  • Hacking is a digital action that will aim at accessing unauthorized devices, servers and network to perform actions that violates cyber laws.

  • Hacking can be unethical or ethical based on the purpose of the perpetrator. Ethical hacking is usually done to expose vulnerability and help secure the system.

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