Flamingo Finance Shares Post-Mortem for $5M Poly Network Exploit and Recovery Efforts

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In the aftermath of a massive security breach, Flamingo Finance released a detailed post-mortem report on August 20, addressing the recent exploit of the Poly Network cross-chain CMCC bridge contract.

The incident, which occurred on August 12, 2024, resulted in the theft of approximately $5 million in assets, affecting the Neo N3 blockchain’s cross-chain bridge and suspending its operations.

The event has led to an intensive investigation and a series of recovery efforts led by Flamingo Finance in collaboration with Neo Global Development (NGD) and Poly Network.

The Poly Network cross-chain CMCC bridge contract was subject to an exploit on August 12, 2024. Our new article goes into what happened, what it means for you, and outlines the tentative Asset Support Initiative.

Read the article: https://t.co/09NoMMDOwH

The breach 12 targeted the Poly Network CMCC contract, allowing the hacker to exploit vulnerabilities in the smart contract and siphon off around $4 to $5 million in assets.

The stolen funds comprised roughly 20-25% of all cross-chain asset funds and included popular tokens such as fUSDT, fWBTC, fWETH, fBNB, fCAKE, pWING, and pONT.

The funds were taken from the bridge’s hot wallet, while the cold wallet remained secure, preventing an even greater loss.

Flamingo Finance and its partners swiftly responded to the breach by freezing any wallets linked to the exploit and launching an investigation to trace the stolen assets.

Despite these efforts, the hacker has not yet returned the funds, though a bounty has been offered to