Poly Network bridge
Overview
Poly Network is a cross-chain bridge protocol that enables interoperability and asset transfers between multiple blockchains. It allows users to swap tokens across different networks without a centralized intermediary. In August 2021 it suffered one of the largest crypto thefts ever (~$611 million), after which the attacker returned nearly all of the funds within two weeks. A second exploit in July 2023 used forged cross-chain messages to mint billions of dollars in tokens across 57 assets on multiple chains, though thin liquidity limited the actual loss to roughly $10 million.
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Frequently asked questions
What is Poly Network?
Poly Network is a cross-chain bridge protocol that enables interoperability and asset transfers between multiple blockchains.
What does Poly Network allow users to do?
It allows users to swap tokens across different networks without a centralized intermediary.
What major event occurred with Poly Network in 2021?
The platform suffered a major exploit in 2021, after which the stolen funds were largely returned.