Cryptocurrency Heist: Poly Network Says Hackers Stole Record $600 Million

Poly Network put out a plea for the stolen digital tokens to be shunned by traders.

By Agence France-Presse | Updated: 11 August 2021 11:49 IST

Cryptocurrency Heist: Poly Network Says Hackers Stole Record $600 Million

Cryptocurrency thefts, hacks, and fraud so far this year totaled $432 million (roughly Rs. 3,210 crores)

Highlights

Poly Network threatened police involvement
Poly Network offered the hackers the chance to work out a solution.
Poly Network posted online addresses used by the hackers

A firm specialising in transferring cryptocurrency said Tuesday that hackers cracked its security, making off with a record-setting haul potentially worth $600 million (roughly Rs. 4,465 crores).

Poly Network put out a plea for the stolen Ethereum, BinanceChain, and OxPolygon tokens to be shunned by traders running "wallets" for storing cryptocurrency.

"The amount of money you hacked is the biggest one in the defi history," Poly Network said in a tweeted message to the thieves, using a reference to decentralised finance involving cryptocurrency.

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Instead of exploiting, become a #whitehat #hacker, as you're important to the future of decentralization for making it more secure and to increase mass acceptance of #blockchain & #crypto!#hackforgood https://t.co/xZjpQuPcRo
— flux.01 (@zero1_flux) August 11, 2021

"The money you stole are from tens of thousands of crypto community members."

Poly Network threatened police involvement, but also offered the hackers the chance to "work out a solution."

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The US Department of Justice and FBI did not immediately respond to requests for comment.

"We are sorry to announce that #PolyNetwork was attacked" and assets transferred to hacker-controlled accounts, the company said in a series of tweets.

Poly Network posted online addresses used by the hackers, and called on "miners of affected blockchain and crypto exchanges to blacklist tokens" coming from them.

Poly Network did not reply to an AFP request for comment, but Twitter users weighed in with calculations valuing the hackers' haul at some $600 million (roughly Rs. 4,465 crores).

As of the end of April, cryptocurrency thefts, hacks, and fraud so far this year totaled $432 million (roughly Rs. 3,210 crores), according to an analysis by CipherTrace.

"While this number may appear to be small when compared to previous years, a deeper look reveals an alarming new trend - DeFi-related hacks now make up more than 60 percent of the total hack and theft volume," CipherTrace said in a posted report.

That compares to 2019, when defi hacks were virtually non-existent, according to CipherTrace.

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