Hackers Exploit PolyNetwork Stealing Tokens Worth 403 ETH

• Lookonchain alerts on a possible attack on PolyNetwork.
• The analytical platform observed a series of abnormal transactions on PolyNetwork.
• Metis DAO corroborated the claims by Lookonchain.

Lookonchain, the smartmoney on-chain analytical platform, has alerted the crypto community on the likelihood of an attack on PolyNetwork. According to Lookonchain, there have been some abnormal transactions involving the sales of 94 billion SHIB for 360 ETH, 495 million COOK for 16 ETH, and 15 million RFuel for 27 ETH.

Lookonchain also tweeted that hackers transferred 1 ETH and crypto assets to new wallets, perhaps intending to sell them.

Metis DAO, a layer 2 protocol on the Ethereum network, also tweeted in corroboration of Lookonchain’s claims. According to Metis, it is aware of the ongoing situation with Polybridge and is in contact with the PolyNetwork team. Metis noted that it is working to minimize the impact of the attack and to further assess the situation.

At the time of Metis’ report, the DAO noted that regarding the newly minted BNB and BUSD on its network, there is no selling liquidity available. However, it assured followers that all funds on Metis Andromeda are safe.

According to Metis, it ensured the safety of the funds by locking all the METIS tokens minted from Polybridge. The METIS tokens were locked on the BNBChain by PolyNetwork, and have limited liquidity.

PolyNetwork is a blockchain protocol that promotes interaction between homogeneous and heterogeneous blockchains. It makes blockchains more compatible by resolving data-related problems with transactions, security, and trust.

PolyNetwork has been a target for hackers even in the past, perhaps due to the amount of liquidity that flows through the network. In August, hackers stole digital tokens worth about $600 million from the network.

The hacker later returned the stolen tokens, and the network offered him $500,000 for returning the funds. Poly Network also invited the hacker to become its chief security advisor.