Gate Blog: [Hot Spots] Poly Network Heist — Alarm Bells in DeFi Security

[Introduction]: Cross-chain DeFi platform Poly Network was hacked on August 10, 2021, with the alleged hacker draining up to $610 million in crypto. But just a few days later, the hacker promised to return the stolen assets. Hacking is not uncommon in the crypto world, but this is the first time that a heist involving such a large amount of funds has been reported. Soon, the Poly Network hack was placed among the largest in the crypto industry. What is the whole story of this shocking incident? Why is the Poly Network a target for hacker attacks? What can we learn from it? How do users relieve the security risk in crypto trading and investment? This article will inspire you on security in DeFi.



[Key words]: Poly Network, Cross-chain protocol, “White Hat” hacker, DeFi, Re-Entrancy attacks



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