Hackers pulled off the biggest ever cryptocurrency heist, stealing $613 million in digital coins from token-swapping platform Poly Network, only to return $260 million worth of tokens less than 24 hours later
- Poly Network is a decentralized finance (DeFi) platform that facilitates peer-to-peer transactions with a focus on allowing users to transfer or swap tokens across different blockchains.
- For example, a customer could use Poly Network to transfer tokens such as bitcoin from the Ethereum blockchain to the Binance Smart Chain, perhaps looking to access a specific application.
- Poly Network was launched by the founders of Chinese blockchain project Neo.
- Poly Network operates on the Binance Smart Chain, Ethereum and Polygon blockchains.
- Tokens are swapped between the blockchains using a smart contract which contains instructions on when to release the assets to the counterparties.