Poly Network Incident Analysis

On 1 July 2023, an attacker exploited Poly Network's cross-chain bridge to mint assets across 10 blockchains (paper value ~ $42 billion) by abusing the lock/unlock bridging flow; however, due to lack of liquidity and project-initiated token freezes, the attacker realized approximately $10 million across five Ethereum EOAs. The report details the attack flow, token swaps and transfers, and notes initial indicators point to a private key compromise or off-chain exploit.