More than $600 million stolen in what is likely to be one of the biggest cryptocurrency thefts ever

today08/11/2021 3

Background
share close
AD

More than $600 million stolen in what is likely to be one of the biggest cryptocurrency thefts ever

Via CNBC.com:

More than $600 million has been stolen in what’s likely to be one of the biggest cryptocurrency thefts ever.

Hackers exploited a vulnerability in Poly Network, a platform that looks to connect different blockchains so that they can work together.

Poly Network disclosed the attack on Twitter and asked to establish communication with the hackers, and urged them to “return the hacked assets.”

A blockchain is a ledger of activities upon which various cryptocurrencies are based. Each digital coin has its own blockchain and they’re different to each other. Poly Network claims to be able to make these various blockchains work with each other.

Poly Network is a decentralized finance platform. DeFi is a broad term encompassing financial applications based on blockchain technology that looks to cut out intermediaries — such as brokerages and exchanges. Hence, it’s dubbed decentralized.

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

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

Once the hackers stole the money, they began to send it to various other cryptocurrency addresses. Researchers at security company SlowMist said a total of more than $610 million worth of cryptocurrency was transferred to three different addresses.

Poly Network urged cryptocurrency exchanges to “blacklist tokens” coming from the addresses that were linked to the hackers.

About $33 million of Tether that was part of the theft has been frozen, according to the stablecoin’s issuer.

Meanwhile, Changpeng Zhao, CEO of major cryptocurrency exchange Binance, said he was aware of the attack.

He said Binance is “coordinating with all our security partners to proactively help,” but that “there are no guarantees.”

“We will take legal actions and we urge the hackers to return the assets,” Poly Network said on Twitter.

SlowMist said in a tweet that their researchers had “grasped the attacker’s mailbox, IP, and device fingerprints” and are “tracking possible identity clues related to the Poly Network attacker.”

The researchers concluded that the theft was “likely to be a long-planned, organized and prepared attack.”

DeFi has become a key target for attacks.

Since the start of the year until July, DeFi-related hacks totaled $361 million — an increase of nearly three times from the whole of 2020, according to cryptocurrency compliance company CipherTrace.

DeFi-related fraud is also on the rise. In the first seven months of the year, they accounted for 54% of total crypto fraud volume versus 3% for all of last year.


Our Readers And Listeners Keep Us In Print & On The Air!

Click here to subscribe to The CRUSADE Channel’s Founders Pass Member Service & Gain 24/7 Access to Our Premium, New Talk Radio Service. www.crusadechannel.com/go

What Is The Crusade Channel?

The CRUSADE Channel, The Last LIVE! Radio Station Standing begins our LIVE programming with our all original CRUSADE Channel News hosted by Ron Staffard. Coupled with Mike “The King Dude” Church entertaining you during your morning drive and Rick Barrett giving you the news of the day and the narrative that will follow during your lunch break!

We’ve interviewed over 300 guests, seen Brother Andre Marie notch his 200th broadcast of Reconquest; The Mike Church Show over 1200 episodes; launched an original LIVE! News Service; written and produced 4 Feature Length original dramas including The Last Confession of Sherlock Holmes and set sail on the coolest radio product ever, the 5 Minute Mysteries series! We were the ONLY RADIO outlet to cover the Impeachment Trials of President Trump from gavel to gavel!

Now that you have discovered The Crusade, get30 days for FREE of our premium News-Talk Radio service just head to:

https://crusadechannel.com OR download our FREE app: https://apps.appmachine.com/theveritasradionetworkappIti-

Did you know about cryptocurrency? If you are interested in supporting small business, be sure to check out the official store of the Crusade Channel, the Founders Tradin Post! Not to mention our amazing collection of DVD’s, Cigars, T-Shirts, bumper stickers and other unique selection of items selected by Mike Church!

AD

Written by: LoneRhody

Post comments (0)

Subscribe
Notify of
0 Comments
Inline Feedbacks
View all comments

AD
AD
0%
0
Would love your thoughts, please comment.x
()
x