Hackers steal $ 600 million in major crypto robbery




Hackers, believed to be one of the biggest crypto robbers to date, stole about $ 600 million (£ 433 million).

According to blockchain site PolyNetwork, hackers have exploited system vulnerabilities to steal thousands of digital tokens such as Ether.

In a letter posted on Twitter, It urged thieves to “establish communications and return hacked assets.”

Massive hacking is comparable to recent major breaches on exchanges such as Coincheck and MtGox.

In that letter, Poly Network said: “The amount you hacked is one of the largest amounts on decentralized finance. [decentralised finance] history.

“Law enforcement agencies in every country consider this a major economic crime and you will be tracked.

“The money you stole [sic] From tens of thousands of crypto community members, or people. “

Preliminary investigations have revealed that hackers are exploiting “vulnerabilities between contract calls,” according to Polynetwork.

After millions of dollars of tokens were sent to separate cryptocurrency wallets, we urged various exchanges to block coin deposits.

Approximately $ 267 million of Ethereum currency, $ 252 million of Binance coins and approximately $ 85 million of USDC tokens were used.

Binance CEO Changpeng Zhao said his company was aware of hacking, but added that he couldn’t do much.

“We are actively coordinating with all security partners,” he said.

“There is no guarantee,” he added.

Polynetwork is a decentralized finance (or Decentralized) provider that allows users to transfer tokens associated with one blockchain to another network.

“The best ever”

Cryptocurrency systems such as Ether and Binance were developed independently, so it was difficult for them to work together.

Fraud losses in the Decentralized sector reached a record $ 474 million in the first seven months of the year, according to a report by research firm CipherTrace.

However, criminal losses across the crypto market have plummeted to $ 681 million, compared to $ 1.9 billion in 2020 and $ 4.5 billion in 2019.

Last week, the US Securities and Exchange Commission (SEC) charged Decentralized Blockchain Credit Partners and its two executives with raising $ 30 million on suspicion of fraud.

This is the first case in which the SEC involved securities in the Decentralized space.