Poly Network

Basics

• Based in:
• Founded in:
• Mainnet release:

• Poly Network’s core function will include swapping digital currencies for other tokenized assets.

History

• Neo, Ontology and Switcheo partnered (22-8-2020) to launch an interoperability protocol alliance - Poly Network.

Audits & Exploits

• Bug bounty program can be found [insert here].

Bugs/Exploits

• From Decrypt (2-7-2023):

"Acknowledging that its platform had been attacked, Poly Network informed users on Sunday that its services had been suspended. “Despite the magnitude of this hack, the hacker was only able to convert a small portion of these tokens,” he said, estimating the attacker walked away with $400,000 worth of crypto. “Everything else had no liquidity and were essentially worthless.”

• From this blog (11-8-2021):

"Poly Network suffered a major hack with a total of $610 million USD in cryptocurrencies being stolen. This is the biggest defi hack to have ever happened in the history of crypto. On August 10, 2021, the hacker exploited the contracts of Poly Network in three main blockchains: Binance Smart Chain, Ethereum and Polygon. The hacker called the Ethereum Cross Chain Manager with specific data that set the Book Keeper variable to the hacker’s own address. After they set their own address as the book keeper on Ethereum, they then withdrew 10 different assets from the Ethereum Asset Proxy address to their own. They also repeated this same process on the Poly Network on Binance Smart Chain and Polygon network. Tether froze the USDT stolen by the hacker amounting to roughly $33 million. Other big exchanges are also quick to act and have mentioned they are monitoring fund flows to flag if the stolen funds hit their exchanges."

• From Rekt (11-8-2021):

"When @WardBradt tweeted the following; "Did the PolyNetwork Exploiter accidentally use the wrong sender address for this tx 0xb12681d9e? The sender address is tied to FTX, Binance, Okex accounts."

Suddenly the attacker's attitude changed. The hacker began to suggest that they might return "some tokens" or even abandon them, saying that they were "not so interested in the money". Then the hacker considered the idea of creating a DAO to distribute the stolen funds. Finally, the pressure became too much, and the hacker announced that they were “READY TO SURRENDER” In an unexpected and unprecedented move, the attacker is now returning the funds to Poly Network. They announced that they were "READY TO RETURN THE FUNDS!" in an Ethereum transaction that was sent from the same wallet used for the attack. Before sending the first return transaction, the hacker created a token called "The hacker is ready to surrender" and sent this token to Poly Network who announced that they had set up a multisig controlled by ‘’known Poly addresses’’. A summary of the hackers' communication with Poly Network can be found here."

• The sage took another turn when the hacker would get rewarded by Poly Network (13-8-2021):

"The message was attached to an Ethereum transaction sent by the Poly Network team, which read, "We plan to offer you a $500,000 bug bounty after you complete the refund fully."

Just seven minutes later, the attacker responded, "The Poly [Network team] did offer a bounty, but I have never responded to them. Instead, I will send all of their money back.""

• The hacker had sent back $264.7 million total by 13-8-2021. But the sage didn't end there. 19-8-2021 the hacker sent a message saying: "I AM NOT READY TO PUBLISH THE KEY IN THIS WEEK. YOUR ESSAYS ARE VERY CONVINCING WHILE YOUR ACTIONS ARE SHOWING YOUR DISTRUST, WHAT A FUNNY GAME." This happened only a day after the team had tweeted: "we cordially invite Mr. White Hat to be the Chief Security Advisor of Poly Network".

• The Poly Network hacker returned the remaining $141M worth of crypto stolen from the attack (25-8-2021).

Governance

Admin Keys

• From DeFi Safety (11-8-2021):

"We never reviewed Poly Network, but a 1 signer multisig is a huge red flag."

Tech

• Whitepaper can be found [insert here].
• Code can be viewed [insert here].
• Built on:
• Programming language used:

Transaction Details

• Capacity (TPS):
• Latency:

Roadmap

• Can be found [Insert link here].

Team, Funding, Partners

Team

• Full team can be found [here].
• Neo, Ontology and Switcheo partnered (22-8-2020) to launch an interoperability protocol alliance - Poly Network.

Funding

• Has taken part in the $50M raise of VERSE, from Bitcoin.com (5-12-2022).

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