Hackers steal $600m in major cryptocurrency heist

Hackers steal $600m in major cryptocurrency heist

A hacker

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In what is believed to be the biggest cryptocurrency theft, hackers have taken $600m (PS433m). __S.3__

Poly Network, a blockchain site said that hackers have exploited an insecurity in their system and stolen thousands of digital tokens like Ether.

In a letter posted on Twitter, it urged the thieves to “establish communication and return the hacked assets”.

The hack has the same scale as recent large-scale breaches of exchanges like Coincheck or Mt Gox.

Poly Network stated in a letter that “the amount of money you’ve hacked” was one of the largest defi [decentralised financing] historical amounts.

This will be considered a serious economic crime by law enforcement authorities in all countries and will result in you being prosecuted.

“The money that you stole is [sic] from tens to thousands of members of the crypto community, thus the people.”

Poly Network stated that a preliminary investigation revealed that a hacker had exploited “vulnerability in between contracts calls.”

After millions of tokens had been transferred to different cryptocurrency wallets, it urged exchanges to stop storing the coins.

Around $267 million of Ether currency, $250m in Binance coins and approximately $85 millions worth of USDC tokens have been taken.

The BBC is not responsible for the content of external sites.View original tweet on Twitter

Changpeng Zhao was the chief executive at Binance. He said that his company was aware of hacking, but could only do so much.

According to him, the group is “coordinating with all of our security partners in order to proactive help”.

He added, “There are not guarantees.”

Poly Network, also known as Defi or decentralised finance provider, allows token holders to move tokens from one network to another.

“All-time record”

Since cryptocurrency systems like Ether or Binance are developed in isolation, they have not been able to be used together.

According to a CipherTrace report, fraud losses in the Defi industry reached an unprecedented $474m over the first seven months.

However, losses due to crime on the entire cryptocurrency market fell sharply to $681m compared with $1.9bn for 2020 and $4.5bn for 2019.

The US Securities and Exchange Commission (SEC), charged Defi lender Blockchain Credit Partners and its two top executives with raising $30m via allegedly fraudulent offers.

This is the first time that the SEC has acted in Defi Space securities cases.

Publiated at Wed 11 August 2021, 01:53.28 +0000

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