Blockchain site Poly Network Archives

Home

Hackers have stolen some $600m (£433m) in what appears to be one the largest cryptocurrency heists ever.

Blockchain site Poly Network said hackers had exploited a vulnerability in its system and taken thousands of digital tokens such as Ether.

In a letter posted on Twitter, it urged the thieves to "establish communication and return the hacked assets".

In scale, the hack is on par with huge recent breaches at exchanges such as Coincheck and Mt Gox.

In its letter Poly Network said: "The amount of money you have hacked is one of the biggest in defi [decentralised finance] history.

"Law enforcement in any country will regard this as a major economic crime and you will be pursued.

Poly Network said a preliminary investigation found a hacker exploited a "vulnerability between contract calls".

It urged various exchanges to block deposits of the coins, after millions of dollars in tokens were transferred to separate cryptocurrency wallets.

About $267m of Ether currency has been taken, $252m of Binance coins and roughly $85 million in USDC tokens.

Changpeng Zhao, chief executive of Binance, said his firm was aware of the hack, but added there was only so much he could do.

He said the group was "co-ordinating with all our security partners to proactively help".

"There are no guarantees," he added.

Poly Network is a decentralised finance - or Defi - provider, which allows users to transfer tokens tied to one blockchain to a different network.

'All-time high'

Cryptocurrency systems such as Ether and Binance were developed independently, so have struggled to work in conjunction with each other.

Losses from fraud in the Defi sector hit an all-time high of $474m in the first seven months of the year, a report from research company CipherTrace said on Tuesday.

But losses from crime in the overall cryptocurrency market dropped sharply to $681m, compared to $1.9bn for the whole of 2020 and $4.5bn in 2019.

Last week, the US Securities and Exchange Commission (SEC) charged Defi lender Blockchain Credit Partners and two of its top executives for raising $30m through allegedly fraudulent offerings.

The case is the SEC's first involving securities in the Defi space.
Fashion

Hackers have stolen some $600m (£433m) in what appears to be one the largest cryptocurrency heists ever.

Blockchain site Poly Network said hackers had exploited a vulnerability in its system and taken thousands of digital tokens such as Ether.

In a letter posted on Twitter, it urged the thieves to "establish communication and return the hacked assets".

In scale, the hack is on par with huge recent breaches at exchanges such as Coincheck and Mt Gox.

In its letter Poly Network said: "The amount of money you have hacked is one of the biggest in defi [decentralised finance] history.

"Law enforcement in any country will regard this as a major economic crime and you will be pursued.

Poly Network said a preliminary investigation found a hacker exploited a "vulnerability between contract calls".

It urged various exchanges to block deposits of the coins, after millions of dollars in tokens were transferred to separate cryptocurrency wallets.

About $267m of Ether currency has been taken, $252m of Binance coins and roughly $85 million in USDC tokens.

Changpeng Zhao, chief executive of Binance, said his firm was aware of the hack, but added there was only so much he could do.

He said the group was "co-ordinating with all our security partners to proactively help".

"There are no guarantees," he added.

Poly Network is a decentralised finance - or Defi - provider, which allows users to transfer tokens tied to one blockchain to a different network.

'All-time high'

Cryptocurrency systems such as Ether and Binance were developed independently, so have struggled to work in conjunction with each other.

Losses from fraud in the Defi sector hit an all-time high of $474m in the first seven months of the year, a report from research company CipherTrace said on Tuesday.

But losses from crime in the overall cryptocurrency market dropped sharply to $681m, compared to $1.9bn for the whole of 2020 and $4.5bn in 2019.

Last week, the US Securities and Exchange Commission (SEC) charged Defi lender Blockchain Credit Partners and two of its top executives for raising $30m through allegedly fraudulent offerings.

The case is the SEC's first involving securities in the Defi space.
General News

Hackers have stolen some $600m (£433m) in what appears to be one the largest cryptocurrency heists ever.

Blockchain site Poly Network said hackers had exploited a vulnerability in its system and taken thousands of digital tokens such as Ether.

In a letter posted on Twitter, it urged the thieves to "establish communication and return the hacked assets".

In scale, the hack is on par with huge recent breaches at exchanges such as Coincheck and Mt Gox.

In its letter Poly Network said: "The amount of money you have hacked is one of the biggest in defi [decentralised finance] history.

"Law enforcement in any country will regard this as a major economic crime and you will be pursued.

Poly Network said a preliminary investigation found a hacker exploited a "vulnerability between contract calls".

It urged various exchanges to block deposits of the coins, after millions of dollars in tokens were transferred to separate cryptocurrency wallets.

About $267m of Ether currency has been taken, $252m of Binance coins and roughly $85 million in USDC tokens.

Changpeng Zhao, chief executive of Binance, said his firm was aware of the hack, but added there was only so much he could do.

He said the group was "co-ordinating with all our security partners to proactively help".

"There are no guarantees," he added.

Poly Network is a decentralised finance - or Defi - provider, which allows users to transfer tokens tied to one blockchain to a different network.

'All-time high'

Cryptocurrency systems such as Ether and Binance were developed independently, so have struggled to work in conjunction with each other.

Losses from fraud in the Defi sector hit an all-time high of $474m in the first seven months of the year, a report from research company CipherTrace said on Tuesday.

But losses from crime in the overall cryptocurrency market dropped sharply to $681m, compared to $1.9bn for the whole of 2020 and $4.5bn in 2019.

Last week, the US Securities and Exchange Commission (SEC) charged Defi lender Blockchain Credit Partners and two of its top executives for raising $30m through allegedly fraudulent offerings.

The case is the SEC's first involving securities in the Defi space.
Health

Hackers have stolen some $600m (£433m) in what appears to be one the largest cryptocurrency heists ever.

Blockchain site Poly Network said hackers had exploited a vulnerability in its system and taken thousands of digital tokens such as Ether.

In a letter posted on Twitter, it urged the thieves to "establish communication and return the hacked assets".

In scale, the hack is on par with huge recent breaches at exchanges such as Coincheck and Mt Gox.

In its letter Poly Network said: "The amount of money you have hacked is one of the biggest in defi [decentralised finance] history.

"Law enforcement in any country will regard this as a major economic crime and you will be pursued.

Poly Network said a preliminary investigation found a hacker exploited a "vulnerability between contract calls".

It urged various exchanges to block deposits of the coins, after millions of dollars in tokens were transferred to separate cryptocurrency wallets.

About $267m of Ether currency has been taken, $252m of Binance coins and roughly $85 million in USDC tokens.

Changpeng Zhao, chief executive of Binance, said his firm was aware of the hack, but added there was only so much he could do.

He said the group was "co-ordinating with all our security partners to proactively help".

"There are no guarantees," he added.

Poly Network is a decentralised finance - or Defi - provider, which allows users to transfer tokens tied to one blockchain to a different network.

'All-time high'

Cryptocurrency systems such as Ether and Binance were developed independently, so have struggled to work in conjunction with each other.

Losses from fraud in the Defi sector hit an all-time high of $474m in the first seven months of the year, a report from research company CipherTrace said on Tuesday.

But losses from crime in the overall cryptocurrency market dropped sharply to $681m, compared to $1.9bn for the whole of 2020 and $4.5bn in 2019.

Last week, the US Securities and Exchange Commission (SEC) charged Defi lender Blockchain Credit Partners and two of its top executives for raising $30m through allegedly fraudulent offerings.

The case is the SEC's first involving securities in the Defi space.
Lifestyle

Hackers have stolen some $600m (£433m) in what appears to be one the largest cryptocurrency heists ever.

Blockchain site Poly Network said hackers had exploited a vulnerability in its system and taken thousands of digital tokens such as Ether.

In a letter posted on Twitter, it urged the thieves to "establish communication and return the hacked assets".

In scale, the hack is on par with huge recent breaches at exchanges such as Coincheck and Mt Gox.

In its letter Poly Network said: "The amount of money you have hacked is one of the biggest in defi [decentralised finance] history.

"Law enforcement in any country will regard this as a major economic crime and you will be pursued.

Poly Network said a preliminary investigation found a hacker exploited a "vulnerability between contract calls".

It urged various exchanges to block deposits of the coins, after millions of dollars in tokens were transferred to separate cryptocurrency wallets.

About $267m of Ether currency has been taken, $252m of Binance coins and roughly $85 million in USDC tokens.

Changpeng Zhao, chief executive of Binance, said his firm was aware of the hack, but added there was only so much he could do.

He said the group was "co-ordinating with all our security partners to proactively help".

"There are no guarantees," he added.

Poly Network is a decentralised finance - or Defi - provider, which allows users to transfer tokens tied to one blockchain to a different network.

'All-time high'

Cryptocurrency systems such as Ether and Binance were developed independently, so have struggled to work in conjunction with each other.

Losses from fraud in the Defi sector hit an all-time high of $474m in the first seven months of the year, a report from research company CipherTrace said on Tuesday.

But losses from crime in the overall cryptocurrency market dropped sharply to $681m, compared to $1.9bn for the whole of 2020 and $4.5bn in 2019.

Last week, the US Securities and Exchange Commission (SEC) charged Defi lender Blockchain Credit Partners and two of its top executives for raising $30m through allegedly fraudulent offerings.

The case is the SEC's first involving securities in the Defi space.
Arts & Entertainment

Hackers have stolen some $600m (£433m) in what appears to be one the largest cryptocurrency heists ever.

Blockchain site Poly Network said hackers had exploited a vulnerability in its system and taken thousands of digital tokens such as Ether.

In a letter posted on Twitter, it urged the thieves to "establish communication and return the hacked assets".

In scale, the hack is on par with huge recent breaches at exchanges such as Coincheck and Mt Gox.

In its letter Poly Network said: "The amount of money you have hacked is one of the biggest in defi [decentralised finance] history.

"Law enforcement in any country will regard this as a major economic crime and you will be pursued.

Poly Network said a preliminary investigation found a hacker exploited a "vulnerability between contract calls".

It urged various exchanges to block deposits of the coins, after millions of dollars in tokens were transferred to separate cryptocurrency wallets.

About $267m of Ether currency has been taken, $252m of Binance coins and roughly $85 million in USDC tokens.

Changpeng Zhao, chief executive of Binance, said his firm was aware of the hack, but added there was only so much he could do.

He said the group was "co-ordinating with all our security partners to proactively help".

"There are no guarantees," he added.

Poly Network is a decentralised finance - or Defi - provider, which allows users to transfer tokens tied to one blockchain to a different network.

'All-time high'

Cryptocurrency systems such as Ether and Binance were developed independently, so have struggled to work in conjunction with each other.

Losses from fraud in the Defi sector hit an all-time high of $474m in the first seven months of the year, a report from research company CipherTrace said on Tuesday.

But losses from crime in the overall cryptocurrency market dropped sharply to $681m, compared to $1.9bn for the whole of 2020 and $4.5bn in 2019.

Last week, the US Securities and Exchange Commission (SEC) charged Defi lender Blockchain Credit Partners and two of its top executives for raising $30m through allegedly fraudulent offerings.

The case is the SEC's first involving securities in the Defi space.
Technology

Hackers have stolen some $600m (£433m) in what appears to be one the largest cryptocurrency heists ever.

Blockchain site Poly Network said hackers had exploited a vulnerability in its system and taken thousands of digital tokens such as Ether.

In a letter posted on Twitter, it urged the thieves to "establish communication and return the hacked assets".

In scale, the hack is on par with huge recent breaches at exchanges such as Coincheck and Mt Gox.

In its letter Poly Network said: "The amount of money you have hacked is one of the biggest in defi [decentralised finance] history.

"Law enforcement in any country will regard this as a major economic crime and you will be pursued.

Poly Network said a preliminary investigation found a hacker exploited a "vulnerability between contract calls".

It urged various exchanges to block deposits of the coins, after millions of dollars in tokens were transferred to separate cryptocurrency wallets.

About $267m of Ether currency has been taken, $252m of Binance coins and roughly $85 million in USDC tokens.

Changpeng Zhao, chief executive of Binance, said his firm was aware of the hack, but added there was only so much he could do.

He said the group was "co-ordinating with all our security partners to proactively help".

"There are no guarantees," he added.

Poly Network is a decentralised finance - or Defi - provider, which allows users to transfer tokens tied to one blockchain to a different network.

'All-time high'

Cryptocurrency systems such as Ether and Binance were developed independently, so have struggled to work in conjunction with each other.

Losses from fraud in the Defi sector hit an all-time high of $474m in the first seven months of the year, a report from research company CipherTrace said on Tuesday.

But losses from crime in the overall cryptocurrency market dropped sharply to $681m, compared to $1.9bn for the whole of 2020 and $4.5bn in 2019.

Last week, the US Securities and Exchange Commission (SEC) charged Defi lender Blockchain Credit Partners and two of its top executives for raising $30m through allegedly fraudulent offerings.

The case is the SEC's first involving securities in the Defi space.

General News
0
Closed
2 min read

Hackers steal $600m in major cryptocurrency heist

Another episode from my series in which I chat with interesting people around the globe.

Latest post

Why 25% of Businesses Chose a Virtual Office in Delhi: Address.co Reports

How OLDZARI.COM Is Helping Senior Citizens Across India Sell Old Zari Sarees with Comfort, Trust, and Dignity

India’s AC Market Is Set to Double to 30 Million Units by 2030 And One IIT Bombay Aerosol Scientist Is Building the Clean Air Ecosystem That Fits Every One of Them

Popular Posts

GNC India Launches Creatine + Electrolytes: A Revolutionary Hydration-Focused Performance Formula (1444)

Naadbramha Idli: A Journey from a Small Restaurant to 47+ Franchises (1281)

Advance Your Career with Zell Education – Your Gateway to ACCA, CFA, CMA, and More (1278)

Alt DRX Blockchain Technology Makes Real Estate Investable for Everyone (1270)

Teaser video of popular YouTuber Nakayama Kinni-kun’s cover song ‘Muscles Please!’ with Singing Cosplayer Hikari, out now! (951)

Stay Connected

Tag: Blockchain site Poly Network

Hackers steal $600m in major cryptocurrency heist

Latest Posts

DWN CREATE ANNOUNCES PUBLICATION OF INNOVATIVE NEW BOOK ON ENTREPRENEURSHIP

Offrd.co Surpasses ₹500 Crores in Offer Letters; Simplifies Hiring, Onboarding, and Verification for India’s Small Businesses

Advancements in iStent Inject Technology Revolutionize Glaucoma Treatment

Naura Productions Unveils a Four-Film Cinematic Universe: A ₹1000 Crore Opportunity for Indian Investors

Empowering Women in Business: The Role of Online MBA Programs in Breaking Barriers