Poly Network News

Poly Network added that the tokens were transferred to a multi-signature wallet controlled by both the platform and the hacker. A person claiming to have perpetrated the hack said Poly Network offered him a $500,000 bounty to return the stolen assets. The theft illustrates the risks of the mostly unregulated DeFi sector, said crypto experts.

Tom Robinson, Ellipic`s co-founder, said the extraordinary move could have been prompted by the headaches of laundering stolen crypto on such a scale. The size of the theft was comparable with the $530 million in digital coins stolen from Tokyo-based exchange Coincheck in 2018. The latest attack comes as losses from theft, hacks and fraud related to decentralised finance (DeFi) hit an all-time high.

The platform tweeted it planned to take legal action. The firm urged hackers to return the stolen funds. The theft appeared to be one of the biggest ever in cryptocurrency markets.