LONDON / Singapore / Hong Kong: Hackers behind one of the largest cryptocurrency theft that has returned more than a third of around $ 600 million in the digital coins they steal, said the Blockchain researchers on Wednesday.
Poly Network, a decentralized financial platform that facilitates peer-to-peer transactions, announces hacking on Twitter, posting detailed digital wallet sent by tokens.
The coin value in the wallet is only more than $ 600 million at the time of the announcement, according to Blockchain analyst.
Poly Network, which allows users to exchange tokens in various blockchains, then urge the hackers to return the stolen funds to several digital addresses, saying it plans to take legal action.
Approximately $ 260 million Cryptocurrency has been returned to poly tissue in various coins, according to separate analysis by the chain of Blockchain forensic companies and elliptical Crypto tracking companies.
Hackers exploit vulnerabilities in digital contracts using poly tissue to move assets between different blockchains, according to the chain.
Someone who claimed to have hacked said they did it “for fun” and want to “expose vulnerabilities” before others can exploit it, according to digital messages distributed by ellipses and chains.
It’s “always a plan” to restore tokens, the intended hackers write, add: “I’m not too interested in money.” Hackers or hackers have not been identified, and Reuters cannot verify the authenticity of the message.
Tom Robinson, Elliptic Co-Founder, said the decision to return the money could be driven by the stolen crypto washing headache on a scale like that.
An executive of the Cryptocurrency company isher said on Twitter the company has freezed $ 33 million which is connected with hacking, and executives on other Crypto exchanges to say to poly networks they will also try to help.
“Even if you can steal Cryptoasset, wash with them and cash is very difficult, due to blockchain transparency and with the broad use of Blockchain analysis by financial institutions,” Robinson said.
Poly networks do not respond to requests for further details.
Not immediately clear where this platform is based, or whether there are law enforcement agents who investigate theft.
A spokesman for the Ministry of Justice and the commodity futures trading commission did not immediately respond to a request for comments.
The size of the theft is proportional to $ 530 million in digital coins stolen from Tokyo-based exchange coins in 2018.
MT GOX exchanges, are also based in Tokyo, collapsing in 2014 after losing half a billion dollars in Bitcoin.
Poly network attacks come as a loss of theft, hacking and fraud related to decentralized finance (defi) reaching high throughout the time, according to Crypto Intelligence Company Ciphertrace.
However, at $ 600 million, poly tissue theft far exceeded $ 474 million in Ciphertrace’s criminal losses called registered by all defi sectors from January to July.
Theft illustrates the risk of the sector which is largely not regulated and can attract the attention of the regulator.
The defi platform allows parties to make transactions, usually in Cryptocurrency, directly without traditional guard gates such as banks or exchanges.
This sector has boomed.
During the past year, with a platform now handling more than $ 80 billion digital coins.
DEFI supporters say it offers people and business free access to financial services, arguing that technology will cut costs and increase economic activities.
But technical lacks and weaknesses in their computer code can make them vulnerable to hacking.