Cross-chain Poly Network hacked for $600M+, Ether turns negative

The blockchain cryptocurrency Ethereum (ETH-USD) edges lower by 2.4% on Tuesday after cross-chain protocol Poly Network was hacked for $611M, the largest DeFi hack to date, The Block reports. The Poly Network is a protocol used to trade tokens among a variety of blockchains. Apparently, the root cause of the hack was a cryptography issue, which is not usually the case, The Block reports, citing The Block Research's Igor Igamberdiev. Assets that were stolen in the hack include $273M of Ethereum tokens, $253M of Binance Smart Chain tokens, and $85M in USCoin (USDC-USD) on the Polygon Network. As a result, Tether blacklisted its centralized stablecoin USDT on Ether that was stolen in the hack, or ~$33M in tokens, which means they can no longer be moved. Polygon (MATIC-USD) down 2.2%, Litecoin (LTC-USD) slides 1.7%. The most popular cryptocurrency bitcoin (BTC-USD) also slides 2.5% as stricter regulatory language works through Congress. Previously, (Aug. 4) SEC Chair Gary