Poly Network attackers return nearly half of the $600 Mn stolen funds

By Akshay Kedari  Date: 2021-08-12

Poly Network attackers return nearly half of the $600 Mn stolen funds

Hackers who had stolen over USD 600 million in one of the biggest ever cryptocurrency heists have returned nearly half of the funds. The cybercriminals found and exploited a vulnerability in Poly Network, which is decentralized finance (DeFi) platform linking different blockchains to enable synchronized operations.

For the unversed, a blockchain is a registry of activities on which several cryptocurrencies are based. Every digital coin has a unique blockchain and Poly Network claims that it can make all these blockchains work with each other.

Poly Network said that the amount of money hacked is the largest in DeFi history. DeFi or decentralized finance encompasses financial applications based on blockchain technology that aim to cut out third-party transactions from exchanges and brokerages.

The crypto platform reported the theft on 11th August and sought to establish a dialogue with the attackers, asking them to return the hacked assets.

In an unexpected twist on 12th August, the cybercriminals began to transfer back some of the stolen amounts. They responded to Poly Network with a message embedded in a crypto transaction stating they were willing to return the funds.

The platform then replied and requested the money be transferred to three different crypto addresses.

As of 7 a.m. Greenwich Mean Time, more than USD 4.8 million had been sent back to the Poly Network addresses and by 11 a.m. Eastern Time, nearly USD 258 million had been transferred.

Chief Scientist at blockchain analytics firm Elliptic, Tom Robinson was quoted saying that the event demonstrates that even if crypto assets are stolen, laundering, and cashing them out becomes complex due to the high transparency offered by the blockchain.

Experts at security firm SlowMist said that after stealing the money, the hackers began transferring it to several addresses. A total of over USD 610 million worth of cryptocurrency had been transferred to three addresses.

Meanwhile, Poly Network has asked exchanges to blacklist crypto tokens being received from the addresses that were linked back to the hackers.

Source Credits –

https://www.cnbc.com/2021/08/11/cryptocurrency-theft-hackers-steal-600-million-in-poly-network-hack.html

About Author

Akshay Kedari     aeresearch.net

Akshay Kedari

A qualified computer engineering graduate, Akshay Kedari takes pride in having his way with words. Following his passion for content creation, he writes insightful pieces on aeresearch.net and a few other portals. Also endorsed with a short-term experience in web deve...

Read More

More News By Akshay Kedari

Fintech firm Xendit becomes a unicorn following USD 150 million funding

Fintech firm Xendit becomes a unicorn following USD 150 million funding

By Akshay Kedari

Indonesian financial technology company Xendit has reportedly secured USD 150 million during a Series C funding round which was led by Tiger Global. Other investors that participated in the latest fundraising included Justin Kan’s Goat Capital,...

Samsung Biologics to participate in 2050 carbon-neutral initiative

Samsung Biologics to participate in 2050 carbon-neutral initiative

By Akshay Kedari

South Korean biotechnology firm Samsung Biologics recently revealed the signing of a Memorandum of Understanding (MoU) to join the ‘Frontier 1.5D initiative’ to devise a climate risk management model. The company is set to join the 2050 C...

Ola’s highly anticipated e-scooter sale postponed over website glitch

Ola’s highly anticipated e-scooter sale postponed over website glitch

By Akshay Kedari

The sale date for the Ola S1 and S1 Pro e-scooters was previously scheduled for 8th September. Test rides for the Ola S1 and S1 Pro scooters will begin from October 2021. Ola Electric Mobility has postponed the sales of its first e-scooter from ...

SoftBank, Deutsche Telekom partner to expand portfolio, scale business

SoftBank, Deutsche Telekom partner to expand portfolio, scale business

By Akshay Kedari

Japan-based SoftBank Group Corp. recently announced a strategic alliance and an equity share swap deal with Deutsche Telekom AG (DT). As part of the partnership, SoftBank's more than 300 portfolio firms receive access to about 240 million DT con...

Google signs agreement with Engie for 140MW renewable energy supply

Google signs agreement with Engie for 140MW renewable energy supply

By Akshay Kedari

Google has recently signed a 140MW renewable energy supply agreement with Engie Deutschland. The utility company will build and manage an energy portfolio to deliver renewable electricity from solar and wind sources in Germany to Google. The solar p...