The Most Infamous Hacker Attacks: Part 3
The crypto realm, a space of constant innovation, attracts many individuals who are passionate about opportunities and new technologies. It is also a space where hackers, eager to exploit vulnerabilities, are present. Therefore, in its short history, the crypto industry has seen a fair amount of attacks, some more damaging than others. This fact highlights the need for constant vigilance and proactive measures in the industry. Let's proceed with the series of posts focused on the most impactful and widely recognized crypto breaches by analyzing several more recent examples.
The first hack we would like to discuss today is the Poly Network incident. This exploit took place in August 2021, resulting in a theft of $610 million and marking one of the most daring cyber attacks in the cryptocurrency sphere. Poly Network is a China-based DeFi platform that focuses on facilitating blockchain interoperability and advancing the development of Web3 infrastructure, allowing easy token swaps across different blockchains. This incident gained global attention because of the intense negotiations between the hacker and the platform and the unexpected resolution.
The second hack we would like to examine is Multichain. The demise of Multichain, previously named AnySwap, is widely considered one of the most notorious hacking incidents in recent history. Multichain was designed as a platform to facilitate communication between different blockchains. It had the capability to interact with over 25 chains and 1100 tokens before shutting down due to multiple security breaches and the unexpected disappearance of its CEO, Zhaojun.
Learn more about it and other hacks on the Kinetex blog.
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