PolyNetwork, a decentralized finance platform, had been hacked earlier this week which led to $600M being stolen from the firm.
According to the team, the hacker exploited a vulnerability in one of the smart contracts that it uses to transfer tokens between blockchains, which may also be called a bridge.
This event once again highlighted the importance of security of bridge applications. We have been conducting a thorough security audit, but in the midst of this situation and at the request of our future partners, our team decided to carry out additional security reviews to prevent any blindspot in our ETH bridge before releasing it to now 10,000+ NCG/WNCG holders.
The multiple audits primarily focus on:
- identifying potential attack routes
- checking potential vulnerabilities of protocols exposed
- improving the overall security of dev ops and user experience
This process is expected to take around 10–14 days. We are moving as fast as we can, but to ensure the integrity of the system, we decided to postpone the ETH bridge launch for at least a week from what has been previously announced.
This is important for the future of the protocol so we ask for your understanding on any inconveniences caused. We will further announce the exact time of launch in the following week.