Cryptocurrency Theft: Crypto platform Poly Network hacked in estimated $600 mln cyberheist

According to the details of Wednesday’s heist, a cryptocurrency platform lost nearly $600 million in digital tokens after the industry’s biggest hack attacks

Poly Network, a decentralized finance platform (DeFi), announced on Twitter that it had published details of digital wallets that allegedly hacked and transferred money, urging people to blacklist the tokens in the address.

According to cryptocurrency publication The Block, the value of tokens in wallets displayed by the platform was just over $600 million at the time of the announcement.

Poly Network did not immediately respond to requests for more information on the incident. It’s unclear where the platform is or whether any law enforcement agencies are investigating the robbery.

The platform said it plans to take legal action and urged hackers to return the stolen money to several digital addresses.

According to public blockchain records and crypto tracking firm Elliptic, the lawsuit was won a little with a stolen token worth nearly $2 million returned Wednesday morning.

Crypto platform Poly Network hacked in estimated $600 mln cyberheists:

The theft was one of the largest in the cryptocurrency market to date, compared to the $530 million in digital currency stolen from Tokyo-based Coincheck in 2018.

Mt. The Tokyo-based Gox exchange crashed in 2014 after losing half a billion dollars in Bitcoin.

The latest attack, the loss of decentralized financial-linked theft, hacking, and fraud has reached an all-time high, raising the risk that regulators will both invest in and shake up the industry.

DeFi refers to peer-to-peer cryptocurrency platforms that allow transactions without traditional gatekeepers such as banks or exchanges. Poly Network allows users to exchange tokens between different blockchains.

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“This is a hack as big as Mount Gox,” said Bobby Ong, co-founder of cryptocurrency analytics site CoinGecko.

“I think this project is finished. It will take a lot to be confident,” Ong said.

Tom Robinson, founder of Elliptic, said that the purchase of some tokens makes it difficult to launder large amounts of stolen cryptocurrency.

“There’s a lot of public opinion on this topic and the exchange will be looking for customer deposits related to this theft,” Robinson said. Said.

“This shows that although you can steal cryptocurrencies, laundering them is extremely difficult due to the transparency of the blockchain and the widespread use of blockchain analysts by financial institutions.”

According to CipherTrace, a crypto intelligence firm, the stolen funds exceed the $474 million in punitive losses recorded by the entire DeFi industry in January-July.

DeFi advocates say the technology will allow more people and businesses to use financial services. Again, it is largely unregulated, and technological flaws and vulnerabilities in the code used by many platforms make it vulnerable to hacking and robbery.

However, one of the wallets that managed the lost money probably had the text “I need a reliable multisig wallet from you” to try to return the loot.

“Getting this much wealth is already a myth,” one message said.

Tether, a senior technologist at Stethercoin, said on Twitter that the company had frozen $33 million in connection with the hack, and that the management of major cryptocurrency exchanges will try to help Poly on Twitter.

Stay tuned to ReportingHour for more news

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News source@ Reuters

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