Hackers stole $ 600 million in hacking from Poly Network


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Andrew Brookes | Culture Getty Images

More than $ 600 million was stolen in probably one of the largest thefts of cryptocurrencies ever.

The hackers took advantage of a vulnerability in Poly Network, a platform that wants to connect different blocks so they can work together.

Poly Network discovered the attack on Twitter and asked to establish communication with the hackers and called on them to “return the hacked property.”

Blockchain is a book of activities on which various cryptocurrencies are based. Each digital coin has its own blockchain and they differ from each other. Poly Network claims it can make these different blockchains work with each other.

Poly Network is a decentralized financial platform. DeFi is a broad term that encompasses blockchain-based financial applications that seek to exclude intermediaries – such as intermediaries and exchanges. It is therefore called decentralized.

Proponents say it can make financial applications, such as lending or borrowing, more efficient and cheaper.

“The amount of money you hacked is the largest in defi history,” Poly Network said in another tweet.

After the hackers stole the money, they started sending it to various other cryptocurrency addresses. Researchers at security company SlowMist said the cryptocurrency, valued at more than $ 610 million, had been transferred to three different addresses.

Poly Network has called for the exchange of cryptocurrencies on “blacklisted tokens” coming from addresses associated with hackers.

About $ 33 million of Tether, which was part of the theft, was frozen, according to the publisher of stablecoin.

Meanwhile, Changpeng Zhao, chief executive of Binance’s large cryptocurrency exchange, said he was aware of the attack.

He said Binance was “coordinating with all of our security partners for proactive assistance,” but that “there are no guarantees.”

“We will take legal action and appeal to hackers to return the property,” Poly Network posted on Twitter.

SlowMist tweeted that their researchers “understood the attacker’s mailbox, IP and fingerprints of the device” and that they were “tracking possible traces of identity related to the Poly Network attacker.”

The investigators concluded that the theft was “probably a long-planned, organized and prepared attack”.

DeFi became a key target of the attack.

From the beginning of the year to July, hacks related to DeFi amounted to 361 million dollars – which is an increase of almost three times compared to the whole of 2020, according to the data of the company for compliance with cryptocurrencies CipherTrace.

DeFi-related fraud is also on the rise. In the first seven months of this year, they accounted for 54% of the total volume of cryptocurrencies compared to 3% for the whole of last year.

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