Poly Network, the company responsible for transferring cryptocurrencies, reported a record theft in the field. A hacker has seized $600 million in Ethereum, BinanceChain and OxPolygon, the largest virtual sum ever stolen. The flaw was in online contracts.
Certainly the biggest robbery in history. A few weeks ago, there was a conviction of a hacker who stole $16 million worth of cryptocurrencies. But that’s nothing compared to this full-scale operation. Some are already talking about the robbery of the century, and for good reason: they are $600 billion that disappeared from nature. Ethereum, BinanceChain and OxPolygon were stolen from the Poly Network transfer company on Tuesday, August 10th.
In response, the company posted an open letter on Twitter, inviting the hacker to “Establish communication” is for “Return Stolen Goods”. “The sum you stole is the largest in the history of decentralized finance”, writes Poly Network. “Authorities in every country will consider this a major economic crime and you will be prosecuted. It is very unwise of you to complete any transaction. That money comes from tens of thousands of members of the cryptocurrency community.”
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A security breach costs a company $600 billion
The company also reveals the vulnerability behind this hack. “After preliminary investigation, we located the fault”, says Poly Network. “The hacker exploited a vulnerability in virtual contracts. The exploitation was not caused by a single manager, as rumors claim ”. In addition, the company revealed the addresses to which the cryptocurrencies were transferred, thus allowing owners to blacklist them.
To put the importance of this breach into perspective, it should be noted that the theft of cryptocurrencies represented $432 million in April 2021, based on a study by CipherTrace. “This number may seem small compared to previous years, but if you look more closely, there is an alarming trend: hacks in decentralized finance now account for over 60% of the total volume of hacks and thefts.”, analyzes the cabinet.