Binance to help in recovery effort for Poly network’s $610M hack – The CEO of Binance, world largest cryptocurrency exchange Changpeng Zhao have offered to launch an investigation in recovery effort for the largest Defi hack that resulted in loss of $610M in Poly network.
Reacting to the ugly incidence Binance CZ tweeted: “We are aware of the http://poly.network exploit that occurred today. While no one controls BSC (or ETH), we are coordinating with all our security partners to proactively help. There are no guarantees. We will do as much as we can. Stay #SAFU”
Financial Watch earlier reported Defi Interoperability protocol Poly Network suffered a major hack across Binance Binance Smart Chain (BSC), Ethereum (ETH), and Polygon. A total of $610 million worth of assets were transferred to three different addresses on mentioned blockchains. This could be potentially the largest defi hack in history. The previous largest crypto hack came in the form of Coincheck exchange’s $530 million loss.
The attack surfaced when the largest cross-chain defi protocol O3 had difficulty in processing $150 million worth of transactions. Wu Blockchain first reported the potential hack when the O3 protocol had issues processing funds worth hundreds of millions of dollars.