Hackers Strike PolyNetwork Again, Billions in Tokens Reportedly Stolen! Binance Assuers Users are Safe

In an alarming development, the decentralized finance platform, PolyNetwork, has once again found itself at the receiving end of a cyber attack. The hackers reportedly minted an enormous amount of assets, marking a significant escalation in the ongoing battle between crypto platforms and cybercriminals.

The audacious hackers managed to sell 94 billion SHIB tokens, equivalent to 360 Ether (ETH), 495 million COOK tokens for 16 ETH, and 15 million RFuel tokens for 27 ETH, as reported by top crypto analyist on Twitter. The scale of this operation underscores the severity of the threat posed by these cyber attackers.

In a worrying trend, the hackers have been observed transferring these assets, along with 1 ETH, to new wallets. The consensus among experts is that these transfers are likely precursors to a sale, further complicating the efforts to track and recover the stolen assets.

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In response to the attack, MetisDAO, a key player in the crypto space, took to Twitter to express their awareness of the situation. They confirmed their ongoing communication with the PolyNetwork team, aiming to mitigate the impact of the attack and assess the situation further.

Addressing concerns about the newly minted Binance Coin (BNB) and Binance USD (BUSD) on Metis, the organization assured the community that there is no sell liquidity available. This statement is a significant relief to investors, as it effectively prevents the hackers from liquidating these assets.

Furthermore, MetisDAO affirmed the safety of all funds on their Andromeda platform, promising to share more updates as the situation evolves.

In a reassuring move, Binance, the world’s largest cryptocurrency exchange, clarified that the attack does not affect its users. They confirmed that they do not support deposits from the compromised network. However, their security team is actively assisting in the investigations, reinforcing their commitment to maintaining a secure and safe environment for their users.

This incident serves as a stark reminder of the persistent threats in the crypto world. As the situation continues to unfold, the crypto community watches with bated breath, hoping for a swift resolution and stronger security measures in the future.

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CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com


Rene Peters
Rene Peters

Rene Peters is editor-in-chief of CaptainAltcoin and is responsible for editorial planning and business development. After his training as an accountant, he studied diplomacy and economics and held various positions in one of the management consultancies and in couple of digital marketing agencies. He is particularly interested in the long-term implications of blockchain technology for politics, society and the economy.

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