Explainer: How hackers stole and returned $600 mln in tokens from Poly Network – Reuters

Explainer: How hackers stole and returned $600 mln in tokens from Poly Network – Reuters

WASHINGTON, Aug 12 (Reuters) – Hackers pulled off the biggest ever cryptocurrency heist on Tuesday, stealing more than $600 million in digital coins from token-swapping platform Poly Network, only to return nearly all the assets less than 48 hours later, the company said. [nL1N2PJ21E]

Here is what we know so far about the heist.

WHAT IS POLY NETWORK?

A lesser-known name in the world of crypto, 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.

Poly Network was founded by Chinese entrepreneur Da Hongfei, who is currently chief executive of Neo, a blockchain platform.

According to Neo’s website, Poly Network was launched in August last year as a collaboration between Neo, crypto trading platform Switcheo and blockchain company Ontology.

HOW DID HACKERS STEAL THE TOKENS?

Poly Network operates on the Binance Smart Chain, Ethereum and Polygon blockchains. Tokens are swapped between the blockchains using
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