Poly is a trading platform that allows connectivity between various blockchain networks, including Bitcoin and Ethereum. It was integrated with the Polygon Layer 2 framework. In August 2021, Poly experienced the biggest DeFi hack, where the hackers took more than $600 million. However, more than a third of the stolen funds were returned within a day, and the hacker asked for donations in exchange for revealing Poly’s weakness.
WHAT is Poly Network?
Poly Network is a decentralized finance (DeFi) platform that provides interoperability between different blockchains. It enables connectivity between the blockchains of various cryptocurrencies, including Bitcoin, Ethereum, Binance Smart Chain, Neo, and Ontology. The Polygon Layer 2 framework was also integrated with Poly, allowing users to benefit from faster and cheaper transactions.
The Unusual Theft of 2021
In August 2021, Poly Network suffered the largest DeFi hack ever recorded, with over $600 million stolen. Thankfully, more than a third of the stolen funds were returned within a day, and the hacker then requested donations in exchange for disclosing Poly’s vulnerability.
The situation was widely reported, and the Poly Network team swiftly took action, engaging with the wider blockchain community to track down the stolen funds and freeze any associated accounts.
The Poly Network hack, while unfortunate, has highlighted the importance of security in the DeFi space and has prompted many platforms to increase their security protocols to prevent such incidents from occurring again.
FAQs About Poly Network
Q: What is the purpose of Poly Network?
A: The purpose of Poly Network is to provide a DeFi platform that connects various blockchains, enabling interoperability between them.
Q: Which blockchains are Poly Network compatible with?
A: Poly Network is compatible with several blockchains, including Bitcoin, Ethereum, Binance Smart Chain, Neo, and Ontology.
Q: Was Poly Network hacked?
A: Yes, Poly Network suffered a significant hack in August 2021, with over $600 million stolen. However, the team was quick to act, and more than a third of the stolen funds were returned within a day.
Q: What action did Poly Network take after the hack?
A: Poly Network engaged with the wider blockchain community to track down the stolen funds and freeze any associated accounts. The hack prompted many platforms to increase their security protocols to prevent such incidents from occurring again.
Q: What lessons can we learn from the Poly Network hack?
A: The hack highlights the importance of security in the DeFi space and emphasizes the need for frequent security audits and improvements in security protocols. Platforms should prioritize security to safeguard user funds and maintain users’ trust in the system.
In The core, Poly Network is a DeFi platform that enables interoperability between different blockchains. While it suffered a significant hack in August 2021, the Poly Network team has taken swift and decisive action to address the situation and improve its security protocols. The incident has prompted the blockchain community to prioritize security measures, emphasizing the importance of maintaining user trust in the DeFi space.
