Cryptocurrency platform Poly Network hacked in estimated $600M cyberheist

It has been dubbed the biggest cryptocurrency theft of all time. CNBC reports that hackers have managed to siphon off about $610 million by attacking Poly Network, which integrates various blockchains.

Changpeng Zhao, CEO of major cryptocurrency exchange Binance, has tweeted about the attack. Zhao said that the exchange, Binance is aware of the heist and is coordinating with its security partners to help.

Biggest ever Cryptocurrency robbery

Hackers have exploited a chink in the Blockchain network to carry out the hack, enabling one of the biggest cryptocurrency thefts.

The CNBC reports that Poly Network is a decentralized finance platform that connects different blockchains. Blockchain is a ledger of activities across thousands of nodes on which most cryptocurrencies are based for people who are unfamiliar with cryptocurrency.

Every cryptocurrency like Bitcoin (BTC), Ether (ETH) has its own blockchain and what Poly Network does is that it makes the blockchains work together. Hackers seem to have exploited vulnerability and attacked Poly Network.

Poly Network tweeted, “We are sorry to announce that #PolyNetwork was attacked on @BinanceChain@ethereum and @0xPolygon,”.

Security experts attached with SlowMist, a cybersecurity research firm, said that the stolen cryptocurrency was transferred to three different addresses. The research firm, in a tweet, said that they are “tracking possible identity clues related to the Poly Network attacker.” The firm also said that their researchers had “grasped the attacker’s mailbox, IP, and device fingerprints.”

Poly Networks, in a statement, has appealed to the miners of the affected Blockchain and crypto exchanges to blacklist tokens that come from the address linked to the hackers. In another tweet, Poly Network has appealed to the hackers to return the “hacked assets.”

Cryptocurrency or Cryptoassets work on Blockchain technology and are highly autonomous and decentralized. Blockchain technology was touted to be the most foolproof and extremely unlikely to fall victim to hacks. However, hackers around the globe have been able to accomplish this feat also. Cryptocurrency provides a high degree of anonymity, and this has made it an extremely handy tool to obtain ransomware by hackers.  

Manoj Nair

Manoj is a passionate writer who loves writing on a variety of subjects including trivia, retro movies, unique and unkno More »

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