Hackers allegedly breached blockchain-based platform Poly Network and extracted more than $600 million in cryptocurrencies on Tuesday, the company announced on Twitter, marking the biggest hack ever in the decentralized finance space that’s heating up among investors.
“We are sorry to announce that #PolyNetwork was attacked,” Poly tweeted Tuesday morning, disclosing that hackers had transferred hundreds of millions of dollars to separate cryptocurrency wallets.
Cryptocurrency wallet addresses disclosed by Poly, a cross-chain interoperability network, show transfers early Tuesday of 2,858 ether tokens worth about $267 million, 6,610 binance coins worth more than $252 million and roughly $85 million in USDC tokens on the Polygon network.
The combined value of the stolen tokens, as of Tuesday morning, totaled roughly $604 million, making it even bigger than the $460 million hack on cryptocurrency exchange Mt. Gox that led to the company’s bankruptcy and heightened regulation in the nascent space about seven years ago.