Cryptocurrency investors witnessed crypto hacks worth hundreds of millions of dollars in 2021 and 2022. The danger is that if the allegations are true, the 2021 attack was repeated, and larger figures are at risk. So, what are the claims and details put forward?
Breaking Crypto News
According to allegations by WuBlockchain, PolyNetwork was attacked again. This is suspected because hackers minted a huge number of tokens on several networks. 99,999,184 BNB and 10 billion BUSD were minted on Metis, while trillions of SHIBA Coins were minted on Heco. You can see the full list below. The value of these is in the billions of dollars.
In 2021, PolyNetwork had suffered an attack worth 600 million dollars, and we had seen the largest attack in DeFi history. The liquidity of PolyNetwork might be insufficient and large amounts of BNB and BUSD might not be able to be drained from different chains to DeFi platforms this time. An official announcement has not been made yet.
Will Crypto Currencies Fall?
Binance BSC had taken some precautions to reduce the loss in such attacks. On the other hand, the liquidity deficiency of PolyNetwork might decrease the effect even if there was an attack. Even if we see a short-term drop, it may take hours for us to see the full effects. Future announcements, precautions to be taken, or the quick burning of minted assets might change the sentiment in the markets.
The Bitcoin price fell from above $30,600 before the news to $30,485. The decline in altcoins is more noticeable.
At 06:50, Metis made the first announcement about the current situation and confirmed the attack.
“Regarding the newly minted BNB and BUSD on Metis, there is no available selling liquidity. All funds in Metis Andromeda are safe. We are aware of the ongoing situation with Polybridge and we are currently in communication with the PolyNetwork team to minimize the impact of the attack and to assess the situation.”
The volumeless situation in the crypto markets for the first time produced a result in favor of the investors. In a similar attack in 2021, the hackers had caused a loss of 600 million dollars. Under current market conditions, a similar loss could have brought Bitcoin down to below 25,000 dollars. As the results of the attack are quite limited, the market might not see serious volatility.
