Hackers Steal $ 600 Million In Major Crypto

Hackers have stolen some $ 600 million (£ 433 million) in what appears to be one of the largest crypto heists in history.

Blockchain site Poly Network said hackers had exploited a vulnerability in its system and taken thousands of digital tokens like Ether. In a letter posted on Twitter, he urged the thieves to “establish communication and return the hacked assets. Hours after the attack, the attacker began to return the funds, first in small amounts and then in the millions. They started returning small transfers totaling a few dollars to Poly-controlled online wallets, but then they started making much larger deposits, totaling hundreds of millions.

In scale, the hack is on par with recent huge breaches on exchanges like Coincheck and Mt Gox. In its letter, Poly Network said: “The amount of money it has hacked is one of the largest in the history of defi [decentralized finance]. Law enforcement in any country will consider this a major economic crime and you will be prosecuted. The money he stole is [sic] from tens of thousands of members of the crypto community, hence the people. The EU plans to make Bitcoin transfers more traceable Poly Network .

Investigation found that a hacker exploited a vulnerability between contractual calls He urged various exchanges to block deposits of the coins, after millions of dollars in tokens were transferred to separate cryptocurrency wallets. Around $ 267 million in Ether coin, $ 252 million in Binance coins, and approximately $ 85 million in USDC tokens have been taken. Changpeng Zhao, CEO of Binance, said his company was aware of the hack, but added that there was only so much he could do. .

He said the group was  coordinating with all of our security partners to proactively assist. There are no guarantees, he added. Poly Network is a decentralized finance provider, or Defi, that allows users to transfer tokens tied to one blockchain to a different network. Cryptocurrency systems like Ether and Binance developed independently, so they have struggled to work together. Fraud losses in the Defi sector hit an all-time high of $ 474 million in the first seven months of the year, a report from research firm CipherTrace said Tuesday.

But crime losses in the overall crypto market dropped sharply to $ 681 million, compared to $ 1.9 billion for all of 2020 and $ 4.5 billion for 2019. Last week, the U.S. Securities and Exchange Commission (SEC) indicted Defi Blockchain Credit Partners’ lender and two of its top executives for raising $ 30 million through allegedly fraudulent offers. The case is the first in the SEC to involve values ​​in the Defi space.

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