In what appears to be the largest hack affecting the cryptocurrency industry to date, hackers have illicitly acquired $600m (£433m) by exploiting a vulnerability on the Poly Network. Operating on the Binance Smart Chain, Ethereum, and Polygon blockchains, this attack has prompted multiple statements from company executives.
Q2 2021 hedge fund letters, conferences and more
As the market digests this major loss of funds and pursues the perpetrators, below is a commentary from Kay Khemani, Managing Director at Spectre.ai, the world’s first broker-less trading platform.
The Poly Network Hacked
"The Poly Network hack shows that while cross-chain tech is certainly progressing, it appears to be two steps forward and one step back. Most beta launches are disclaimed such that sending large amounts to un-audited smart contracts is ill-advised by the protocol teams. Still, many investors can’t wait to barge through the gates in order to do a quick 10x flip.
While each hack allows the protocol to rectify faults in the code, and therefore make the network stronger, better fiduciary care needs to be taken so that smart contracts are fault-free, before being opened to the public. Some hacks may be genuine, but some may be engineered by less-than-honest teams. All of this forces new investors to proceed with trepidation and detracts from the sincerity of DeFi technology."
Developed in response to the increasing need to eliminate broker fraud in the ever-growing crypto sphere, Spectre.ai’s transparent and safe platform offers short-term speculative trades on synthetic assets, including FOREX currency pairs, traditional commodities, and cryptocurrencies.
