Attackers minted 24 billion binance usd (BUSD) and bnb (BNB) on the Metis blockchain, 999 trillion shiba inu (SHIB) on the Heco blockchain, but were left with minimal liquidity to fully monetize their illicit holdings. By shauryamalwa
Attackers issued billions worth of several tokens on Sunday morning after exploiting a smart contract function in cross-chain protocol PolyNetwork’s bridge tool.
Bridges allow users to swap tokens between different blockchains using a smart contract by locking value on one network, and releasing it on another. PolyNetwork attackers were likely able to manipulate the way the bridge works and trick it into issuing tokens on one network which, in reality, did not exist.
Attackers minted 24 billion binance usd and bnb on the Metis blockchain, 999 trillion shiba inu on the Heco blockchain, and millions of other tokens on various other networks, such as Avalanche and Polygon. This meant the attackers’ walletBut an abject lack of liquidity prevented the attackers from monetizing the gigantic token stash.
However, the attacker found liquidity for other illicitly-minted tokens and was able to exchange 94 billion SHIB tokens for 360 ether , 495 million COOK for 16 ether and 15 million RFuel for 27 ether, analytics firm Lookonchain“We noticed that hackers are transferring assets and 1 $ETH to new wallets, most likely for sale,” Lookonchain added.
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