Explanation: How hackers steal $ 613 million on Crypto tokens from poly tissue

WASHINGTON: The biggest hackers of the Heist Cryptocurrency on Tuesday, stealing $ 613 million in digital coins from the token-swapping tourist platform, only to return $ 260 million tokens less than 24 hours later, the company said.
This is what we know so far about theft.
What is Poly Network? The unknown name in the world of Crypto, Poly Network is a decentralized financial platform (defi) that facilitates peer-to-peer transactions by focusing on allowing users to transfer or exchanging tokens in various blockchains.
For example, customers can use poly tissue to transfer tokens such as Bitcoin from the Ethereum Blockchain to a smart binance chain, it might want to access certain applications.
Not immediately clear from the Poly network website where this platform is based or who runs it.
According to the Crypto Coindesk specialist website, Poly Network was launched by the founders of the China Neo Blockchain project.
How do hackers steal tokens? Poly tissue operates on a smart binance chain, Blockchains ethereum and polygon.
Tokens are exchanged between blockchains using smart contracts that contain instructions when they have to release assets to partners.
One smart contract used by Poly Networks to transfer tokens between blockchains to maintain large amounts of liquidity to enable users to efficiently exchange tokens, according to Ciphertrace Firm Intelligence Crypto.
The Poly Tweeted network on Tuesday that the initial investigation found hackers exploiting vulnerabilities in this smart contract.
According to the transaction analysis of tweeted by Kelvin Fichter, an Ethereum programmer, the hackers seemed to befall contract instructions for each of the three blockchains and divert funds to three addresses of the wallet, digital location to store tokens.
It is then traced and published by a poly network.
The attackers stole funds in more than 12 different cryptocurrency, including ether and a type of bitcoin, according to the chain of a Blockchain forensic company.
Someone who claims to have hacked said they have seen “bugs,” without determining, and that they want to “expose vulnerabilities” before others can exploit it, according to digital messages posted on the Ethereum network published by the chain.
Reuters cannot verify the authenticity of the message.
Where is the money going? At the end of Wednesday, the hackers had returned a $ 260 million assets, said Poly Network, but $ 353 million was extraordinary.
It is not clear where the rest of the asset has disappeared.
Coindesk reported on Tuesday that hackers had tried transferring assets including Tether tokens from one of three wallets into the liquidity pool curve, but the transfer was rejected.
About $ 100 million has been moved from another wallet and deposited into the ellipssis finance liquidity pond, Coindesk also reported.
Curve.fi.
And Ellipsis Finance cannot be contacted immediately for comments.
Who is the hacker? Hackers or hackers have not been identified.
The Slowmist Cryptocurrency Security Security said on its website that he had identified the attacking mailbox, the internet protocol address, and fingerprint device, but the company has not named every individual.
The slowmist said the robbery “tends to be an attack that has long been planned, organized, and prepared.” Apart from the hacker which is intended as what is called “white hat”, an ethical hacker aimed at identifying vulnerabilities for Poly tissue and “always” plans to give money back, according to messages published by the chain, some skeptical Crypto experts.
Gurvais Grigg, Chief Technology Officer in Chainalysis and the former FBI veteran, said it was impossible that the white hat hackers would steal a large number.
He said they might have returned a portion of funds because it proved too difficult to turn it into cash.
“It’s hard to know motivation …
let’s see if they return all the amounts,” he added.