Poly Network, a cross-chain DeFi protocol, recently suffered a $600M hack -- the largest DeFi exploit in crypto history. Mudit Gupta, security researcher and SushiSwap dev, breaks down the attack, explaining how it occurred, why the hacker is returning the funds, and what Poly Network should do next. Show highlights:
how Poly Network works what specific mechanism the hacker attacked on Poly Network why many people (including myself) had never heard of Poly Network before the hack how “keepers” failed to protect Poly Network why a failed transaction was the key to pulling off the hack what SlowMist claims to have discovered about the hacker what could be motivating the hacker to return the stolen funds how the hacker is communicating with Poly Network why Tether was able to freeze funds while USDC and BSC allowed the hacker to get away with their tokens how Poly Network should handle negotiations with the hacker
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Twitter: https://twitter.com/Mudit__Gupta Blog: https://mudit.blog/ SushiSwap: https://twitter.com/SushiSwap
Poly Network hack
Poly Network response: https://twitter.com/PolyNetwork2/status/1425870262067548163 Mudit’s analysis: https://mudit.blog/poly-network-largest-crypto-hack/ Kelvin Fichter thread: https://twitter.com/kelvinfichter/status/1425217046636371969 Hacker Q&A: https://twitter.com/tomrobin/status/1425487745166753794 Tether blacklist: https://twitter.com/paoloardoino/status/1425090760609832978 ETH tip: https://twitter.com/HsakaTrades/status/1425093301691195407 The Block’s coverage: https://www.theblockcrypto.com/post/114189/poly-hack-attacker-return-funds-id-slowmist Returning funds: https://www.coindesk.com/poly-network-hacker-starts-to-return-funds
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