Lookonchain, a prominent on-chain analytical platform, has raised an alarm within the crypto community regarding a potential attack on PolyNetwork.

Unusual transactions involving significant amounts of SHIB, COOK, and RFuel have been detected, raising suspicions of malicious activity.

The platform has also observed the transfer of assets to new wallets, indicating possible intentions to sell. In response, Metis DAO, a layer 2 protocol on the Ethereum network, has confirmed the ongoing situation and assured users of taking necessary measures to mitigate the impact of the attack.

Lookonchain has highlighted abnormal transactions involving the sales of 94 billion SHIB for 360 ETH, 495 million COOK for 16 ETH, and 15 million RFuel for 27 ETH.

These transactions have raised concerns within the crypto community, suggesting potential illicit activities. Furthermore, the platform has reported hackers transferring 1 ETH and other crypto assets to new wallets, intensifying the need for immediate attention.

Metis DAO has collaborated with Lookonchain, confirming the situation and initiating steps to address the attack. The layer 2 protocol has assured users that the newly minted BNB and BUSD on its network lack selling liquidity.

However, Metis DAO has emphasized the safety of funds on Metis Andromeda, ensuring that all METIS tokens minted from Polybridge are locked on the BNBChain, providing limited liquidity.

PolyNetwork, known for its facilitation of interoperability between various blockchains, has experienced previous attacks, possibly due to the high liquidity flowing through the network.

In a past incident, hackers stole approximately $600 million worth of digital tokens. However, the stolen tokens were eventually returned, with Poly Network offering a $500,000 reward and inviting the hacker to serve as the network’s chief security advisor.