Posted on 08/12/2021 9:20:45 AM PDT by dennisw
Hackers take $600m in 'biggest' cryptocurrency theft Updated: Poly Network has asked for 'hacked assets' to be returned by attackers - and it has apparently received millions back already.
A hacker has apparently exploited a vulnerability to steal $600 million from a blockchain finance platform in what could be one of largest cryptocurrency thefts to date.
The makers of Poly Network, a "DeFi" or decentralized finance platform that works across blockchains, said on Tuesday that an attacker stole about $600 million in cryptocurrencies.
The team behind Poly Network appealed to the hackers to "return the hacked assets".
"The amount of money you hacked is the biggest one in defi history. Law enforcement in any country will regard this as a major economic crime and you will be pursed. It is very unwise for you to do any further transactions. The money stole are from tens of thousands of crypto community members, hence the people. You should talk to us to work out a solution," the Poly Network team said.
Poly Network works across blockchains for Bitcoin, Ethereum, Neo, Ontology, Elrond, Ziliqa, Binance Smart Chain, Switcheo, and Huobi ECO Chain.
Poly Network listed three addresses the assets were transferred to.
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“We call on miners of affected blockchain and crypto exchanges to blacklist tokens coming from the above addresses,” the team pleaded.
And it appears that at least a small amount of the funds have been returned. Poly Network posted on Twitter “you are moving things to the right direction” and said that it had received more than $1m back.
A little later it posted again saying: “So far, we have received a total value of $4,772,297.675 assets returned by the hacker. ETH address: $2,654,946.051 BSC address: $1,107,870.815 Polygon address: $1,009,480.809.”
According to Poly Network, “the hacker exploited a vulnerability between contract calls, exploit was not caused by the single keeper as rumored.”
Per Wall Street Journal’s MarketWatch, the CTO of stablecoin company Tether, Paolo Ardoino, said the company froze $33 million of its tokens lost in the Poly Network attack.
The hackers stole about $267m of Ether, $252m of Binance coins, and $85 million in USDC tokens.
Changpeng Zhao “CZ”, chief of the giant Binance crypto-exchange, said on Twitter that it was aware of the Poly Network attack and noted that there was not much the company could do about it.
“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,” he wrote.
SEE: Attacks on critical infrastructure are dangerous. Soon they could turn deadly, warn analysts
In the words of Daffy Duck “It is to laugh.”
Cryptocurrencies can be stolen, tracked, frozen ...
I thought the whole reason behind so-called ‘crypto-currencies’ was that they were safe from hackers!..................
PING!
If anyone would like to apply for membership in the FR Crypto Group, pm me. I’ll nominate you. It’s all very mysterious.
Like electronic ballots were safe
“ Cryptocurrencies can be stolen, tracked, frozen ...
Yes… as can cash, and digital dollars online.
“Yes… as can cash,”
Not like cryptocurrencies.
“Yes… as can cash”
If One steals your cash there is no marker to identify who stole it and where it is located and you can not put a freeze on future transfers of that money.
you will be pursed.
***Doesn’t sound like either side is taking this seriously.
Oops.
There are no guarantees.
***I have zero confidence in this crypto.
While cryptocurrencies themselves are practically unhackable, the security of a holding of crypto is based on keeping a secret. Systems developed around cryptos can be hacked to learn the secret or to get those systems to transfer crypto to the hackers.
Um no. No software is safe from hacking.
Its kind of like a lock, a varying amount of skill, resources, and time are required to defeat what ever security measures are in place, but it can be done.
The seminal bitcoin whitepaper stated as much :
"The system is secure as long as honest nodes collectively control more CPU power than any cooperating group of attacker nodes"
This must be fake news.
I’ve had several Freepers tell me such a thing is impossible.
Inconceivable!!!!
Grapevine is that the hacker left tracks at a KYC exchange.
Hackers stole tulip bulbs.
https://www.bbc.com/culture/article/20160419-tulip-mania-the-flowers-that-cost-more-than-houses
https://en.wikipedia.org/wiki/Tulip_mania
I love this terminology! Honest CPUs versus attacking CPUs! Why do I think of TRON when I read of this?
Yeah, but they have started giving it back (apparently after one of them got located). https://www.cnbc.com/2021/08/11/cryptocurrency-theft-hackers-steal-600-million-in-poly-network-hack.html
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