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Metis PolyNetwork hack

Metis Not Accepting Purchases From BNB Chain Days After PolyNetwork Hack

Dalmas Ngetich
by Dalmas Ngetich
2 years ago
·
Posted in Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Metis, an Ethereum layer-2 platform, warns users not to buy METIS on the BNB Blockchain days after the PolyNetwork was hacked and $5.5 million of assets stolen. In a tweet shared on July 5, Metis said they took a snapshot of all addresses holding METIS on the BNB Chain at the time of the PolyNetwork hack and when exploiters began selling stolen METIS. 

Because of this, the layer-2 protocol said all addresses that seek to buy METIS from the BNB Chain wouldn’t be recognized. At the same time, they are asking community members to pull liquidity from PancakeSwap, a popular decentralized exchange on the BNB Chain.

Already, Metis said all METIS minted via the PolyNetwork bridge had been locked on BNB Chain by the PolyNetwork team and had limited liquidity.

The PolyNetwork Hack And Impact On Metis

On July 2, the PolyNetwork, a cross-chain protocol that enables the transfer of tokens between various blockchains, including Ethereum, BNB Chain, Avalanche, and others, was hacked, and $5.5 million worth of assets stolen. The hacker exploited a protocol weakness to create billions of dollars worth of METIS, BNB, and BUSD tokens on the Metis platform.

Through this flaw, the hacker minted tokens out of thin air and transferred them to external addresses. A few hours after the hack was flagged, Binance CEO, Changpeng Zhao, said they weren’t accepting deposits from the PolyNetwork.

Related Reading: Bitcoin HODLing Continues: 1+ Years Old Supply Sets New ATH

The hacker attempted to mint extra tokens from other blockchains besides Metis. However, the hacker couldn’t proceed with their actions because of insufficient liquidity. At one point, observers note, the hacker held $42 billion worth of tokens but couldn’t pull out all assets because of thin liquidity in some platforms. 57 assets on ten platforms, including Ethereum, BNB Chain, and Metis, were affected. 

Slow Response?

Still, analysts blame PolyNetwork for losing assets, claiming that their “slow” response cost token holders millions of dollars. Specifically, a team of web3 security experts claims PolyNetwork waited seven hours before pausing the protocol.

At the same time, they noted that the hack wasn’t “complex” since PolyNetwork’s logic wasn’t exploited. Instead, their analysis reveals that the protocol used a “simple 3 of 4 multisig arrangement over two years.” 

As a mitigation measure, the PolyNetwork team has suspended the bridge. It is also offering $10 million for anyone leading to the arrest of the hacker. In a tweet, they urged the community to “remain calm and trust” them as they are “committed to safeguarding their assets.”

Related Reading: UK Legislators To Approve Bill Granting Authorities Power To Seize Crypto

When writing, METIS, the native token of the Metis platform, remains under pressure and edging lower, tracking toward January 2023 lows. At spot rates, METIS is down 60% from April 2023 highs.

METIS price on July 5| Source: METISUSDT on KuCoin, TradingView
METIS price on July 5| Source: METISUSDT on KuCoin, TradingView
Feature image from Canva, chart from TradingView
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Dalmas Ngetich

Dalmas Ngetich

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Dalmas is an experienced journalist with over a decade in Forex, general finance, technology, and blockchain developments. He is currently a crypto reporter for Bitcoinist, where he covers DeFi, blockchain, DeFi, and latest industry news. His work and that of his partners have been featured in top news outlets, including Forbes, investing.com, CoinTelegraph, and Entrepreneur, among others. He is passionate about technology and politics and is always on the lookout for the latest trends in these fields. He also loves spending time with his family and friends, exploring nature, and traveling to new places. Connect on X: @Dalmas_Ngetich, or message him directly on Telegram here: @Dalmas_Ngetich.

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