Poly Network, a cross-chain DeFi protocol, recently suffered a $600M hack — the largest DeFi exploit in crypto history. Mudit Gupta, security researcher and SushiSwap dev, breaks down the attack, explaining how it occurred, why the hacker is returning the funds, and what Poly Network should do next. Show highlights:
how Poly Network works
what specific mechanism the hacker attacked on Poly Network
why many people (including myself) had never heard of Poly Network before the hack
how “keepers” failed to protect Poly Network
why a failed transaction was the key to pulling off the hack
what SlowMist claims to have discovered about the hacker
what could be motivating the hacker to return the stolen funds
how the hacker is communicating with Poly Network
why Tether was able to freeze funds while USDC and BSC allowed the hacker to get away with their tokens
how Poly Network should handle negotiations with the hacker
Starting today, Paxos Standard (PAX) and Polymatch Network (POLY) are available on Coinbase.com and in the Coinbase Android and iOS apps. Coinbase customers can now trade, send, receive, or store PAX and POLY in most Coinbase-supported regions, with certain exceptions indicated in each asset page here. Trading for these assets is also supported on Coinbase Pro.
Paxos Standard (PAX) is a stablecoin fully backed by the US dollar and developed by the Paxos Trust Company. PAX is issued as an Ethereum token and one PAX token represents one US dollar.
Polymath Network (POLY)is an Ethereum protocol that aims to create, issue, and manage digital securities on the blockchain. By creating a compliance-focused standard (ST-20) to issue and manage security tokens, Polymath seeks to tokenize and support the trading of traditional and new classes of assets.
One of the most common requests we hear from customers is to be able to buy and sell more cryptocurrencies on Coinbase. We announced a process for listing assets, designed in part to accelerate the addition of more cryptocurrencies. We are also investing in new tools to help people understand and explore cryptocurrencies. We launched informational asset pages (see PAX and POLY), as well as a new section of the Coinbase website to answer common questions about crypto.
Customers can sign up for a Coinbase account here to buy, sell, convert, send, receive, or store PAX and POLY today.
Please note: Coinbase Ventures may be an investor in the crypto projects mentioned here, and additionally, Coinbase may hold such tokens on its balance sheet for operational purposes. A list of Coinbase Ventures investments is available at https://ventures.coinbase.com/. Coinbase intends to maintain its investment in these entities for the foreseeable future and maintains internal policies that address the timing of permissible disposition of any related digital assets, if applicable. All assets, regardless of whether Coinbase Ventures holds an investor or Coinbase holds for operational purposes, are subject to the same strict review guidelines and review process.
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Paxos Standard (PAX) and Polymath Network (POLY) are now available on Coinbase was originally published in The Coinbase Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.
