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Musings of a Hack Victim: So I’m a victim of the PolyNetwork2 hack – it can potentially be a significant amount of my ETH/ BTC/ USDC savings. I’m probably still in the denial phase. It seems at this point there isn’t much I can do other than to sit on my hands.
A lot of Chinese funds / individuals are affected because PolyNetwork2 is used by NEO and Ontology to bridge assets over from Ethereum. Basically, assets are locked on ethereum via smart contracts. Somehow, the hacker managed to withdraw it all.
I had a significant portion of my funds in Wing Finance as I thought it was a safe way to farm and with good returns. It’s essentially Compound Finance but on ONTOLOGY (also built by the ONTO team, so if anything happened to their code, they can potentially rectify it).
Unfortunately for me, the failure happened on the ETH Bridge – and the funds were on ETH. So whilst Wing Finance was not hacked, my savings have been stolen nonetheless. Assets such as pUSDC have value because there should be $1 USDC backing it on ETH. Now it’s probably 0.
So yeah. Pretty Heart wrenching to think of what will happen next. At this point, I probably don’t want to think of more. I’m not giving up crypto. I’m not recklessly gambling trying to gain it all back. Shit happened and this is a major major setback, but not all is lost. Stay safe y’all.
In response Alex Mashinsky expressed: We have been warning everyone in DeFi that what seems like easy farming and high yield can easily result in total loss. Celsius Network security and audit teams are larger than many DeFi dev teams and by doing all the audit work upfront we managed to avoid these issues.
Community were like: I was just thinking about this. I’m glad you informed us about security. It seems like this wasn’t even a hack. The so called hacker somehow got the private key and moved the funds to his wallet. Not your keys not your coins. Don’t stake your whole bag on any platform.
After reading this sad news, I got so anxious if I should move all my coins out. I have 99% of my coins in Celsius earning interest. But now this made me think but then I trust Celsius.
Only put in what you’re willing to lose and still won’t be REKT forever.
