More than $600 million has been stolen in one of the largest cryptocurrency thefts in history.
In what is expected to be one of the largest cryptocurrency thefts ever, more than $600 million has been taken.
Hackers took advantage of a flaw in Poly Network, a technology that aims to connect various blockchains so that they may collaborate.
Poly Network announced the hack on Twitter, requesting that the hackers communicate with them and “return the hacked assets.”
A blockchain is a digital ledger that serves as the foundation for multiple cryptocurrencies. Each digital coin has its own blockchain, which is distinct from the others. Poly Network claims to be able to connect all of these different blockchains.
Poly Network is a platform for decentralized money. DeFi is a broad word that refers to a range of financial applications based on blockchain technology that aim to eliminate middlemen like brokerages and exchanges. As a result, it is known as decentralized.
This, according to proponents, can make financial applications such as lending and borrowing more efficient and less expensive.
In another tweet, Poly Network added, “The amount of money you hacked is the biggest in defi history,”
After stealing the funds, the hackers began sending them to other bitcoin addresses. According to researchers at the security firm SlowMist, more than $610 million in cryptocurrency was transferred to three separate addresses.
Poly Network advised cryptocurrency exchanges to “blacklist tokens” originating from the hackers’ addresses.
According to the stablecoin’s issuer, about $33 million in Tether has been locked as a result of the heist.
Meanwhile, Changpeng Zhao, the CEO of Binance, a prominent cryptocurrency exchange, confirmed that the hack had occurred.
Binance is “coordinating with all our security partners to proactively help,” he said, but “there are no guarantees.”
On Twitter, Poly Network declared, “We will take legal actions and we urge the hackers to return the assets,”
SlowMist’s experts “grasped the attacker’s mailbox, IP, and device fingerprints” and are “tracking possible identity clues related to the Poly Network attacker.” according to a tweet from the company.
The heist was “likely to be a long-planned, organized and prepared attack.” according to the researchers.
DeFi has been a popular target for cybercriminals.
According to bitcoin compliance firm CipherTrace, DeFi-related intrusions totaled $361 million from January to July, up nearly thrice over the same period last year.
Fraud related to DeFi is also on the rise. They accounted for 54% of overall crypto fraud volume in the first seven months of this year, compared to 3% for the entire previous year.