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Hack of little-known Poly Network highlights East-West crypto divide Cointelegraph via biedex.markets

Shanghai Man: Hack of little-known Poly Network highlights East-West crypto divide

This weekly roundup of news from Mainland China, Taiwan, and Hong Kong attempts to curate the industrys most important news, including influential projects, changes in the regulatory landscape, and enterprise blockchain integrations.

After ThorCHAIN and Chainswap were exploited, its safe to say that hacking cross-chain bridges seems to be the style of the season. This week, it was local project Poly Network that was fleeced of $615 million before leading the crypto community on a dramatic witch hunt to track down the attacker. While most news outlets have covered this story extensively, there are still a few points worth dissecting.

Who are these projects?

A DeFi island: Chinese dApps and websites are the major onramps for users to Poly Network. Source: Similarweb (NYSE:)

Untangling the web

A user points out a potential backdoor in O3Swap’s code. Source: Weibo (NASDAQ:)

Looking for silver linings

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