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More Than $600 Million Of Cryptocurrencies Stolen By Hackers

Published

4 years ago

August 11, 2021

Cryptocurrency: More Than $600 Million Of Cryptocurrencies Stolen By Hackers

Poly Network said hackers found a way into its system and stole thousands of Cryptocurrencies worth more than US$600 million.

Infoexpert24 understands that Poly Network is a decentralized finance provider that lets users move tokens on one blockchain to another network.

The hack is probably the biggest cryptocurrency heist ever.

The company posted a letter to Twitter asking the thief to “establish communication” while simultaneously urging them to give back the stolen assets voluntarily.

The letter claimed that the two sides should work out a solution, while also implying law enforcement would pursue the suspect regardless of wherever they’re living:

Poly Network says a preliminary investigation discovered that whoever’s responsible for the digital heist exploited a “vulnerability between contract calls”.

It was reported that shortly after the hack took place the cryptocurrency company Tether froze about US$33 million in USDT tokens connected to the wallet address of the alleged hacker. That’s according to Tether’s chief technology officer:

. @Tether_to just froze ~33M $USDt on 0xC8a65Fadf0e0dDAf421F28FEAb69Bf6E2E589963 as part of the #PolyNetwork hack https://t.co/EviPTAkQJD
— Paolo Ardoino (@paoloardoino) August 10, 2021

Blockchain-based security firm SlowMist also put out a statement shortly after the breach that claimed to have the hacker’s email and IP address and was trying to figure out additional clues that would point to the person’s identity.

The stolen cryptocurrency broke down to about US$267 million worth of Ether, US$252 million worth of Binance coins, and about US$85 million of USDC coins.

Infoexpert24 understands that Binance’s chief executive, Changpeng Zhao, said that that company’s been informed of the hack. He added that Binance intends to do “as much as we can” but preceded that vow with a less assuring statement that said, “ there are no guarantees”.

We are aware of the https://t.co/IgGJ0598Q0 exploit that occurred today. While no one controls BSC (or ETH), we are coordinating with all our security partners to proactively help. There are no guarantees. We will do as much as we can. Stay #SAFU. 🙏 https://t.co/TG0dKPapQT
— CZ 🔶 Binance (@cz_binance) August 10, 2021