Poly Network victim of record cryptocurrency hack

“The largest amount of money hacked in the history of decentralized finance. “ Poly Network, a company specializing in cryptocurrency transfers, reported Tuesday, August 10, a record theft, the largest ever seen by the sector.

In all, the theft of Ethereum, BinanceChain and OxPolygon tokens represents some 600 million dollars (512 million euros), according to calculations from users like cybersecurity researcher and Ethereum specialist Mudit Gupta.

Article reserved for our subscribers Read also Cryptocurrency trading platforms under fire from regulators

“Dear hacker (…) we want to get in touch with you and urge you to return the assets you have hacked ”, wrote the Poly Network company in a letter to hackers posted on Twitter. “This money comes from tens of thousands of members of the crypto community. “

An increase in cryptocurrency theft

On Twitter, the company posted the addresses used by hackers, and called on cryptocurrency wallet holders to « blacklister ».

Article reserved for our subscribers Read also “When it comes to money, dematerialization does not always rhyme with transparency”

Transfers of bitcoins and other crypto-assets are based on blockchain technology, which a priori makes it possible to do without intermediaries such as banks, with transactions being made directly from user to user.

“The authorities of any country will consider your misdeeds to be a major economic crime and you will be prosecuted. (…) You should talk to us to find a solution ”, insists Poly Network in its letter.

By the end of April, cryptocurrency thefts, hacks and frauds had totaled $ 432 million (€ 368.7 million), according to CipherTrace. “This figure may seem small compared to past years, but if we look in more detail, there is an alarming trend: hacks in decentralized finance now represent more than 60% of the total volume of hacks and thefts”, notes the specialist firm.

Read also Arrest of a cybercriminal group suspected of stealing more than 82 million euros in cryptocurrency

The World with AFP