Hackers Steal $600 Million in Cryptocurrency, the Biggest Crypto Theft in History

Source: xperttimes.com

A security breach at an unknown cryptocurrency exchange has resulted in hackers stealing over 600 million worth of cryptocurrency. At this time, it is unknown how the hackers managed to penetrate the exchange’s security, but it is known that they managed to steal over 600 million worth of cryptocurrency. This is considered to be the largest cryptocurrency theft in the history of the industry.

It’s been another rough week for the cryptocurrency market. On Wednesday, hackers stole nearly $600 million in a cryptocurrency heist that ranks as the biggest crypto theft in history.

The cryptocurrency is at the heart of the virtual currency world. It was first designed to be an alternative to normal currencies, but hackers are now using it to steal money from unsuspecting users. For hackers, stealing a cryptocurrency is simple enough. To steal Bitcoin, all you need is access to the Internet, a computer and a wallet. Hackers can then send out a transaction to peer-to-peer networks, which can be accepted by any user who has the cryptocurrency. Hackers then use the currency to buy goods and services on the Internet.

Rdolfs Klintsons, Rdolfs Klintsons, Rdolfs Klintsons (Pexels)

After exploiting one of the network’s weaknesses, a hacker gang was able to steal approximately $600 million in bitcoin from Poly Network, a decentralized finance (DeFi) platform. This is the biggest sum ever taken in DeFi history, according to a letter issued to the hackers by Poly Network.

“You stole money from tens of thousands of members of the crypto community… Poly Network stated, “You should speak to us to figure out a solution,” in an apparently futile effort to persuade the hackers to restore a part of the stolen money.

Surprisingly, the hackers seem to be cooperating, since Poly Network has started collecting money in many of the wallet addresses given to the attackers. However, the sum collected so far is just $260 million, which is less than half of the $600 million taken in the first place.

Poly Network has asked major cryptocurrency exchanges and other crypto ecosystem participants to ban assets originating from the hackers’ addresses. Despite the rigorous nature of blockchains, Binance founder Changpeng Zhao confirmed the assault in a tweet yesterday, adding that he is working with security partners to assist.


August 10, 2024 — Poly Network (@PolyNetwork2)

Assets worth $260 million (as of 11 Aug 04:18:39 PM +UTC) have been returned: $3.3 million in Ethereum BSC: $256 million $1,000,000 Polygon

The remaining funds are $269 million on Ethereum and $84 million on Polygon.

August 11, 2024 — Poly Network (@PolyNetwork2)

The https://t.co/IgGJ0598Q0 is something we’re aware of. exploitation that took place today While no one has control over BSC (or ETH), we are working with all of our security partners to provide proactive assistance. There are no assurances in this world. We’ll do all we can. Keep it #SAFU. https://t.co/TG0dKPapQT

August 10, 2024 — CZ Binance (@cz binance)

As investors pour billions of dollars into digital currencies, regulators have intensified their monitoring of crypto platforms. Senator Elizabeth Warren has urged SEC Chair Gary Gensler to look into the agency’s authority to regulate cryptocurrency trading.

Poly Network is the source of this information (via CNN)

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The hack looks to be the biggest theft of cryptocurrencies in history, since the stolen funds are the equivalent of $600 million USD, which is more than the total market value of all cryptocurrencies at the time of the theft. The funds are the result of an attack on NiceHash, a website that helps users mine cryptocurrencies with their computers, and where the funds are stored. It looks like the hackers got in by guessing the security question and answering it, which got them access to the site’s master password.. Read more about crypto hack return and let us know what you think.

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  • poly network hack
  • cryptocurrency theft 2024
  • crypto hack return