New Delhi: A major breach of security at a firm specializing in transferring cryptocurrency reported miners that hackers breached its security and managed a record-setting $600 million deal.
“We are sorry to announce that #PolyNetwork was attacked” and assets have been transferred to hacker-controlled accounts, the company tweeted. Poly Network posted the addresses used by the hackers online and asked them to “blacklist the miners of the affected blockchain and crypto exchanges”.
How did this affect the miners?
Following the tipping, the Poly Network sent a request to the stolen Ethereum, Binancechain and OxPolygon tokens, stating that merchants run “wallets” to store cryptocurrencies, according to AFP. In a series of tweets to the thieves, Poly Network said, “The amount you hacked is the biggest in history. The money you stole is from thousands of crypto community members.”
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In addition to threatening hackers of police involvement, it also offered an opportunity to “find solutions”. Even the Poly Network did not make the stolen amount public, but according to AFP, Twitter users estimate that the hackers have collected an estimated $600 million.
According to a BBC report, around $267 million worth of Ether currency, $252 million worth of Binance coins and about $85 million in USDC tokens have been stolen.
According to an analysis by CipherTrace, cryptocurrency thefts, hacks and frauds so far this year reached $432 million as of the end of April. According to CipherTrace, the latest figure compared to 2019, when DeFi hackers were virtually non-existent. A report by research firm CipherTrace revealed that losses in the DeFi sector due to such fraud are estimated to reach an all-time high of $474 million in the first seven months of the year.
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