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Poly Network

avoid.net/poly-network→10/100·92% conf.
[AI-DRAFTED · AWAITING VERIFICATION][src:defillama]

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anchored·4FQDTj…Tu8x

Summary

Poly Network was a cross-chain interoperability protocol launched in August 2020 by Neo, Ontology, and Switcheo. It suffered the largest DeFi hack in history in August 2021 (~$611M stolen, nearly all returned), followed by a second exploit in July 2023 (~$10M realized losses) attributed to compromised multisig private keys. The protocol permanently shut down all services on September 30, 2024.

Connected Entities

1 entities
Organizations
□Poly Network
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    Timeline(10 events)

    18 August 2020

    Poly Network launches as a cross-chain interoperability protocol, founded by Neo, Ontology, and Switcheo.

    10 August 2021

    Poly Network suffers the largest DeFi hack in history: approximately $611M stolen across Ethereum (~$273M), BNB Chain (~$253M), and Polygon (~$85M) via an access control exploit in EthCrossChainManager.

    11 August 2021

    The attacker begins returning stolen funds and claims via on-chain messages that the theft was conducted 'for fun' to expose vulnerabilities. Poly Network begins addressing the attacker as 'Mr. White Hat.'

    13 August 2021

    Approximately $340M returned. Poly Network offers attacker a $500,000 bug bounty and the role of 'chief security advisor.' Security community criticizes the white hat framing.

    15 August 2021

    Tether Ltd. confirms it froze $33.4M in USDT linked to the attacker's wallet immediately after the hack.

    25 August 2021

    All remaining unfrozen funds returned to Poly Network. The attacker declines the $500,000 bounty.

    2 July 2023

    Poly Network suffers a second exploit: attacker mints tens of billions in notional token value across 57 assets on 10 blockchains. Realized losses estimated at ~$10M. Root cause: alleged compromise of 3 of 4 multisig keeper private keys.

    3 July 2023

    Poly Network suspends all services and advises users to withdraw assets. Dedaub publishes postmortem attributing the attack to compromised private keys, not a smart contract bug.

    11 September 2024

    Poly Network announces complete termination of all services, effective September 30, 2024, citing 'changing market conditions.'

    30 September 2024

    Poly Network permanently shuts down all services, including Poly Bridge.

    Provenance & Audit Trail
    Anchored on SolanaVerify on-chain22 Wayback Archivessrc:defillama

    Decision Log

    This investigation is cryptographically anchored to the Solana blockchain (1 event). 22 of 24 cited source URLs have an Internet Archive snapshot.

    full audit log →version history →

    model: claude-sonnet-4-6

    generated: 5/4/2026, 2:54:55 AM

    last updated: 9/15/2026, 4:20:14 PM

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