Polygon Network Hack Analysis

    Examine the Polygon component of the recent Poly Network hack. Trace how the hackers tried to move funds and why.

    It seems, early Wednesday the hackers started transferring assets back to Poly Network into a wallet which both parties controlled. By Thursday afternoon, the hackers had returned nearly all of the assets, with just $33 million tokens frozen earlier by cryptocurrency platform. Unfortunately, The hacker or hackers have not yet been identified.

    Coindesk reported on Tuesday that the hackers had initially tried to transfer some of the assets from one of the three wallets into liquidity pool Curve.fi, but that transfer was rejected. Nearly $100 million was moved out of another of the wallets and deposited into liquidity pool Ellipsis Finance.

    Polygon network was hacked in August, resulting in $600 million worth of stolen crypto assets. The incident clearly conveys the risks associated with investing in cryptocurrency. After a hacking theft of more than $600 million in early August, Poly Network reports it has regained control of all stolen assets

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