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Report: Hackers steal over $600m worth of cryptos from Poly Network

Report: Hackers steal over $600m worth of cryptos from Poly Network
August 11
13:07 2021

Poly Network, a decentralised finance platform (DeFi), on Tuesday announced that hackers have breached its security and have swiped more than $600m worth of cryptocurrencies.

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Poly Network is a platform that allows users to exchange crypto tokens and it confirmed that thousands of investors have been affected by this latest crypto theft.

The stolen digital currency comprises $273 million on the Ethereum blockchain, $253 million on the Binance Smart Chain and $85 million in U.S. Dollar Coin (USDC) tokens on the Polygon network, according to wallet addresses published by Poly Network on Twitter.

About $33 million of the stablecoin Tether that was a part of the theft has been frozen by Tether’s issuer soon after the attack. This means that these tokens cannot be used by the hackers.

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In a post on Twitter, it asked to establish communication with the hackers, and urged them to “return the hacked assets.”

“Dear hacker. We are the Poly Network team. We want to establish communication with you and urge you to return the hacked assets. The amount of money you have hacked is one of the biggest in defi history. Law enforcement in any country will regard this as a major economic crime and you will be pursued,” the tweet reads.

“The money you stole comes from tens of thousands of crypto community members, hence the people. You should talk to us to work out a solution.”

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Poly Network posted online addresses used by the hackers, and asked cryptocurrency exchanges and miners of affected blockchain to “blacklist tokens” coming from the addresses that were linked to the hackers.

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Reacting to the development, Changpeng Zhao, chief executive officer of Binance, a major cryptocurrency exchange, said it is working with security partners to help but that “there are no guarantees”.

“We are aware of the poly.network exploit that occurred today. While no one controls BSC (or ETH), we are coordinating with all our security partners to proactively help. There are no guarantees. We will do as much as we can,” he wrote.

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