Preventing Web3 Exploits: The Poly Network Hack and the Power of CyVers' Real-Time Security

Securing Digital Assets: How Cyvers Could Have Prevented the Poly Network Hack through Real-Time, On-Chain Security Measures

Chirag Agrawal

Preventing Web3 Exploits: The Poly Network Hack and the Power of CyVers' Real-Time Security

Introduction to PolyNetwork and the Hack

Poly Network, a popular decentralized finance (DeFi) protocol, recently experienced a significant security breach that raised concerns about the robustness of its security measures. The hacker exploited vulnerabilities in the system, resulting in a substantial financial loss.

Detection by Cyvers

Notably, this unauthorized activity was detected by Cyvers. Our cutting-edge Web3 Security platform demonstrated its ability to monitor blockchain networks in real time and with zero false positives. Upon identifying the suspicious activities related to the Poly Network hack, we quickly sent out an alert via a tweet, informing the crypto community about the breach.

https://twitter.com/CyversAlerts/status/1675389781151236097

Preventing the Hack with Cyvers

If Poly Network had been using Cyvers, they could have avoided this hack almost entirely. As Cyvers offers real-time, on-chain security solutions, it could have instantly identified the unauthorized actions. By detecting the high-severity exploits, it would have triggered an alert enabling Poly Network to freeze their protocol and prevent further damages, thus securing their users' assets in real-time.

Timeline of the Hack and Detection

To better understand the speed and accuracy of Cyvers Alerts, let's take a closer look at the timeline of the Poly Network hack:

1. The attacker initiated the exploit on July 1, 06:47:47 PM+UTC, 2023.

2. At the start, 9 transactions were created, totaling $64,48,135.03 in funds.

3. Roughly $10,264,755.43 was hacked in roughly 1 hour of the attack, Cyvers recognized the transaction in real-time with 100% accuracy, and if the poly network had utilized Cyvers product, out of $34 million, **they could have avoided losing almost $32 million**.

4. Using its proactive algorithm, Cyvers detected 54 suspicious activities within seconds of the attack's initiation. These included 13 high-severity transactions, 24 medium-severity transactions, and 17 low-severity transactions.

5. Cyvers Alerts sent an immediate alert to Poly Network, enabling them to take prompt action to mitigate the attack.

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Conclusion

The Poly Network hack underlines the critical role of real-time, Web3 security measures and proactive algorithms in preventing significant security breaches. By implementing Cyvers Alerts, Web3 protocols and applications can secure their assets without false positives, maintaining a high level of protection and user trust.

The need to invest in on-chain security solutions has never been clearer. With zero false positives and the ability to detect high-severity exploits in real-time, Cyvers Alerts bridges the gap between Web3 protocols and their users, offering reliable security and peace of mind.

By prioritizing proactive security measures and leveraging innovative technologies like Cyvers Alerts, Web3 protocols and applications can build a secure ecosystem that not only fosters user trust but also provides effective protection against cyber incidents.

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