Poly Network Faces Service Suspension Amidst Cyber Attack Crisis - Investor Bites

Poly Network Faces Service Suspension Amidst Cyber Attack Crisis – Investor Bites

Time Stamp: July 3, 2023 5:24 AM
Poly Network Faces Service Suspension Amidst Cyber Attack Crisis - Investor Bites PlatoBlockchain Data Intelligence. Vertical Search. Ai.

SNEAK PEEK

  • Poly Network temporarily suspends services due to a cyber attack.
  • 57 assets on 10 blockchains were impacted, with a significant focus on Ethereum.
  • Collaboration with exchanges and law enforcement to recover user assets.

In an unforeseen development, Poly Network, the interoperable blockchain platform, has temporarily suspended its services due to a significant cyber assault. Hence, it has contacted cybersecurity professionals and individuals with relevant expertise to address the situation.

According to reports, the attack has substantially affected Poly Network’s operations, impacting 57 assets across 10 blockchains. The details of the affected assets are accessible via a publicly shared document. This incident significantly underscores the vulnerability even robust blockchain platforms can face.

Moreover, as per Poly Network, a significant portion of the impacted assets resides in specific Ethereum addresses. Detailed transactional data for these addresses are viewable on Etherscan, providing further insights into the breach’s magnitude.

On the other hand, Poly Network has initiated discussions with centralized exchanges and law enforcement agencies in response to this setback. This proactive move aims to seek assistance in resolving the crisis and, ideally, ensuring the return of the user assets. However, the platform recognizes that the attacker’s cooperation will play a critical role in the success of these efforts.

Additionally, to mitigate other risks, Poly Network has advised most project teams to withdraw liquidity from decentralized exchanges promptly. This strategic move protects project teams’ assets and minimizes potential losses.

In addition, users who hold the affected assets have been strongly urged to speed up the withdrawal of liquidity and unlock their LP tokens. This recommendation intends to help users safeguard their holdings and navigate this challenging period.

To wrap it up, Poly Network has expressed deep appreciation for its community’s patience and understanding during this difficult time. It remains committed to ensuring the safety and security of its platform and users, reinforcing the resilience of the blockchain industry in the face of adversity. Consequently, its actions and response to this incident will be closely watched by stakeholders and users across the globe.

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