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Poly Network Hacked Again, Billions of Tokens Issued Out of Thin Air

July 2 (Cointime) - Poly Network suffered a hack over the weekend, with the attacker exploiting a vulnerability in the platform's cross-chain bridge tool to create billions of tokens that did not previously exist. The hacker's digital wallet held almost $43 billion worth of cryptocurrency at one point, but the overall attack was somewhat stifled due to lackluster liquidity preventing any ill-gotten gains on some networks.

However, the attacker was able to convert a small portion of the tokens, estimated to be worth $400,000, and a blockchain security firm said over $4 million worth of digital assets from the hack had been cashed in. The incident raises questions about Poly Network's security moving forward.

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