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Possible Attack on PolyNetwork Raises Concerns: Abnormal Transactions Detected, Lookonchain Reports

CJ - Cryptocurrency Enthusiast

Lookonchain, an on-chain cryptocurrency basics analytical platform, has raised concerns about a possible attack on PolyNetwork, a popular decentralised finance (DeFi) platform. Abnormal transactions have been detected, involving the suspicious sales of large amounts of SHIB, COOK, and RFuel for Ethereum (ETH). This has raised alarms about a potential security breach or hack.

The transactions in question involve the sale of 94 billion SHIB for 360 ETH, 495 million COOK for 16 ETH, and 15 million RFuel for 27 ETH. These transactions have been flagged as abnormal due to their significant volume and unusual price ratios.

In addition to the abnormal transactions, hackers have reportedly transferred 1 ETH and other crypto assets to new wallets. This activity suggests an attempt to obfuscate the origin of the funds and potentially prepare for further selling or laundering.

Metis DAO, a layer 2 crypto protocol on the Ethereum network, has confirmed the claims made by Lookonchain and expressed awareness of the situation regarding PolyNetwork. The Metis DAO team is closely monitoring the developments and collaborating with other stakeholders to address the security concerns.

The incident serves as a reminder of the importance of robust secure cryptocurrency measures in the crypto space. Investors and users are advised to exercise caution and remain vigilant during such situations. Updates and further details about the ongoing investigation will be provided as the situation unfolds.

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