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MetisDAO reveals post-exploit purchases invalidated after Poly Network breach

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TL;DR

  • MetisDAO identifies vulnerabilities in Poly Network and prioritizes transparency.
  • The validity of METIS tokens is limited to pre-attack purchases from BNBChain addresses.
  • Users are advised to exercise caution and protect assets amid security breaches.

Metis, a renowned blockchain project, has recently made a shocking revelation about discovering and disclosing vulnerabilities in the Poly Network. Taking to Twitter, Metis informed its community that only METIS tokens purchased from BNBChain addresses before the attack and the initial sale of exploited METIS would retain their validity.

To ensure accuracy, the Metis team promptly took a snapshot of all BNBChain addresses holding METIS tokens following the security breach and the first token sale by the perpetrator. This decisive action exemplifies Metis’s unwavering commitment to fostering a fair and transparent ecosystem.

In addition, the Metis DAO issued a strong warning to BNBChain users, urging them to refrain from interacting with the METIS contract. A new agreement will be implemented as a preventative measure in the near future. Moreover, the DAO advised liquidity providers utilizing the decentralized Binance Smart Chain exchange, Pancake Swap, to withdraw their funds.

On July 2, Poly Network, a decentralized finance platform, tweeted that it had experienced a security breach. In this incident, attackers exploited a smart contract function on the platform’s cross-chain bridge protocol. As a result, Poly Network was compelled to suspend its services as it addressed the situation temporarily.

This event has impacted Poly Network and a wide array of coins and blockchains, including Ethereum, BNB Chain, Polygon, Avalanche, Heco, OKX, and Metis. A total of 57 coins and 10 blockchains have been affected.

During the attack, Poly Network faced accusations of stealing approximately $5 million worth of Bitcoin (BTC), although the exact amount remains undisclosed by the company. Shockingly, the assault transferred nearly $10 million worth of cryptocurrency to five addresses unrelated to CertiK.

Given these developments, users must exercise caution and remain vigilant. Metis’s proactive approach to addressing vulnerabilities and safeguarding the network underscores its commitment to upholding a trustworthy blockchain ecosystem. However, individuals must stay informed and take appropriate measures to protect their assets in the face of such security breaches.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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Mutuma Maxwell

Maxwell especially enjoys penning pieces about blockchain and cryptocurrency. He started his venture into blogging in 2020, later focusing on the world of cryptocurrencies. His life's work is to introduce the concept of decentralization to people worldwide.

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