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August 12, 2021Blog Posts

$600 million gone: The biggest crypto theft in history

CNN

Hackers have stolen some $600 million in cryptocurrency from the decentralized finance platform Poly Network, in what it says is the largest theft in the industry’s history.A vulnerability in Poly Network allowed the thief to make off with the funds, the platform said Tuesday, begging the attacker to return the money.”The amount of money you hacked is the biggest one in the defi history,” Poly Network wrote in a letter to the attacker it posted to Twitter. “The money you stole are from tens of thousands of crypto community members… you should talk to us to work out a solution.”Poly Network urged other members of the cryptocurrency ecosystem to “blacklist” the assets coming from addresses used by the attacker to siphon away the funds — which included a mix of various coins including $33 million of Tether, according to Tether’s CTO. (In a statement, Tether later said it froze the assets within 20 minutes of learning of the attack.) The cryptocurrency exchange Binance said it was “coordinating with all our security partners to actively help.” Poly Network links together the blockchains of multiple virtual currencies to create interoperability among them.

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