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Blockchain Provider Loses $600 Million in Cryptocurrency Hack

The hack at Poly Networks is looking like the biggest cryptocurrency heist in history.

 & Michael Kan Principal Reporter

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A hacker may have just pulled off the biggest cryptocurrency heist in history. 

On Tuesday morning, blockchain provider Poly Networks reported it had come under attack, which allowed a hacker to loot cryptocurrency assets belonging to “tens of thousands” of users. 

The hacker transferred the stolen funds to three wallets, which originally contained over $600 million in various cryptocurrencies, according to CoinDesk. 

Poly Networks implements interoperability between various blockchains, including Ethereum and the Binance Chain, which were both ensnared in the attack. 

“After preliminary investigation, we located the cause of the vulnerability,” Poly Networks said in a tweet. “The hacker exploited a vulnerability between contract calls, exploit was not caused by the single keeper as rumored.”

In response, Poly Networks called on cryptocurrency exchanges and miners not to accept transactions from the hacker-controlled wallets. In addition, Poly Networks published a letter addressed to the mysterious culprit, urging them to voluntarily return the stolen funds. 

"The amount of money you hacked is the biggest one in defi (decentralized finance) history," Poly Networks wrote. "Law enforcement in any country will regard this as a major economic crime and you will be pursued."

In the meantime, the various cryptocurrency providers have begun blocking transfers from the hacker-controlled wallets. But there’s some evidence the attacker behind the heist isn't interested in converting the stolen funds into cash. Security researcher Alon Gal noticed the hacker appears to be leaving messages in one of the wallets.  

"It would have been a billion hack if I had moved remaining shitcoins!” one message says. “Not so interested in money, now considering returning some tokens or just leaving them here.”

About Our Expert

Michael Kan

Michael Kan

Principal Reporter

My Experience

I've been a journalist for over 15 years. I got my start as a schools and cities reporter in Kansas City and joined PCMag in 2017, where I cover satellite internet services, cybersecurity, PC hardware, and more. I'm currently based in San Francisco, but previously spent over five years in China, covering the country's technology sector.

Since 2020, I've covered the launch and explosive growth of SpaceX's Starlink satellite internet service, writing 600+ stories on availability and feature launches, but also the regulatory battles over the expansion of satellite constellations, fights with rival providers like AST SpaceMobile and Amazon, and the effort to expand into satellite-based mobile service. I've combed through FCC filings for the latest news and driven to remote corners of California to test Starlink's cellular service.

I also cover cyber threats, from ransomware gangs to the emergence of AI-based malware. In 2024 and 2025, the FTC forced Avast to pay consumers $16.5 million for secretly harvesting and selling their personal information to third-party clients, as revealed in my joint investigation with Motherboard.

I also cover the PC graphics card market. Pandemic-era shortages led me to camp out in front of a Best Buy to get an RTX 3000. I'm now following how the AI-driven memory shortage is impacting the entire consumer electronics market. I'm always eager to learn more, so please jump in the comments with feedback and send me tips.

The Best Tech I've Had:

  • My first video game console: a Nintendo Famicom
  • I loved my Sega Saturn despite PlayStation's popularity.
  • The iPod Video I received as a gift in college
  • Xbox 360 FTW
  • The Galaxy Nexus was the first smartphone I was proud to own.
  • The PC desktop I built in 2013, which still works to this day.

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