Owners of cryptocurrency have been frequent targets of cyber theft. Some of the most infamous cases of crypto-looting were Coincheck in 2018 and Mt. Gox in 2014. Now, a new heist can be added to the list. Hackers have stolen over $600 million in crypto from the Poly Network. Anna Hirtenstein reports for The Wall Street Journal:
Hackers stole cryptocurrencies worth more than $600 million from Poly Network, a decentralized finance, or DeFi, platform, in one of the largest crypto heists of recent years.
Poly Network, which uses digital assets for lending and other financial transactions, disclosed the hack in a series of Twitter posts Tuesday. Blockchain security company SlowMist estimated that the stolen cryptocurrencies were worth over $610 million at the time.
The hackers made away with digital currencies including ether and tokens backed by bitcoin, as well as tether, a coin designed to mimic the value of the U.S. dollar, and the Shiba Inu coin, a novelty spinoff of the joke cryptocurrency dogecoin inspired by the Shiba Inu breed of dog.
“The amount of money you hacked is the biggest one in defi history. Law enforcement in any country will regard this as a major economic crime and you will be pursued,” Poly Network wrote in a letter posted on Twitter.
The Poly Network hack is on par in size with infamous breaches at Coincheck in 2018 and Mt. Gox in 2014, where digital assets valued at around $550 million and $400 million, respectively, went missing. The incident highlights the risks of trading in the unregulated market, where theft, fraud and scams are common.
Poly Network pleaded with the hackers to return the money. “It is very unwise for you to do any further transactions. You should talk to us to work out a solution,” the letter said.
Around $5 million of the stolen cryptocurrencies began trickling back to Poly Network Wednesday, the company said.
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