Hackers Steal US $ 600 Million From Blockchain Site

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It is estimated that US $ 600 million worth of Ether cryptocurrency tokens were stolen by hackers in what experts are calling the largest such theft to date.

The incident, according to reports, is on a scale with recent violations of the Mt Gox and Coincheck exchanges.

The breach occurred at blockchain site Poly Network, which revealed that a preliminary investigation suggested a hacker had exploited a “vulnerability between contract calls.”

The platform, which posted a statement on Twitter that hackers seized thousands of digital Ether tokens, said in a series of tweets: “We’re sorry to report that #PolyNetwork has been attacked” and assets transferred to accounts controlled by hackers.

Appeal for stolen crypto tokens

In an effort to recover the stolen assets, the Poly Network statement urged the criminals to establish communication and return the cryptocurrency tokens.

He said: “The amount of money you have hacked is one of the most [decentralised finance] the story. Law enforcement in any country will consider this a major economic crime and you will be prosecuted. The money you stole is [sic] tens of thousands of members of the crypto community, hence people. “

In another move, Poly Network also posted online addresses used by hackers and called on “affected blockchain and crypto exchange miners to blacklist tokens” from them.

According to reports, a specialist security firm examining the breach said that hackers had hacked into the security of Poly Networks, escaping with record loot potentially worth $ 600 million. Poly Network has also since made a call for stolen Ethereum, BinanceChain and OxPolygon tokens to be avoided by traders running “wallets” to store cryptocurrency.

Referring to decentralized finance involving cryptocurrency, Poly Network’s statement continued, “The amount of money you hacked is the largest in the history of the challenge. The money you stole came from tens of thousands of crypto community members. “

The post also offered thieves a chance to return the funds and find a solution, while threatening to involve the police.

So far, the US Department of Justice and the FBI have not responded to requests for comment on the breach.

Cryptocurrency hacking on the rise

According to CypherTrace’s year-to-year data analysis, crypto-hacking crime is becoming a worrying trend as more incidents are recorded. As of May 2021, cryptocurrency thefts, hacks and fraud totaled $ 432 million

The report said: “While this number may appear small compared to previous years, a closer look reveals an alarming new trend – DeFi-related hacks now account for over 60% of the total hack and theft volume.”

Main image credit: Getty

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