The biggest cryptocurrency piracy ever. $600 million disappears from virtual currency trading platform
Poly Network, a virtual cryptocurrency trading platform, was hacked by unknown assailants, who managed to steal $600 million worth of currencies.
Hackers took advantage of a
security vulnerability at Poly Network, a platform that connects different
blockchains so they can work together. Block chains are the guide to the
activities on which many cryptocurrencies are based. Each digital currency has
its own blockchains and is different from each other. Poly Network makes
various block chains work together.
The network said in a series of
tweets on its Twitter page late Tuesday that the theft took place after unknown
assailants hacked its security systems, calling on its customers to avoid any
correspondence containing encrypted codes.
She noted that the hack and theft occurred on the currency accounts of Ethereum, Ox Polygon and Penance Chen, calling on users to avoid any messages on these sub-platforms.
Once the hackers stole the money,
they started sending it to other cryptocurrency addresses. Researchers at
security firm SlowMist said a total of more than $610 million in
cryptocurrencies had been converted into three different addresses.
Slomst said in a tweet that her
researchers "obtained the attacker's mailbox, IP address, and device
fingerprints, and tracked potential identity evidence related to the network
attacker."
At the same time, Zhangpingchao,
CEO of the major cryptocurrency exchange binance, said he was aware of the
attack.
He said Penance "coordinates
with all our security partners to help proactively," but "there are
no guarantees"
Despite the theft, which is among
the largest in the history of decentralized cryptocurrency trading, cryptocurrency
prices were not adversely affected, with Wednesday's top 10 currencies in terms
of market value recording highs in early trading.
The Poly Network is a decentralized
financing platform, and DeFi is a broad term that includes financial applications
based on blockchain technology that look to dispense with intermediaries, such
as brokerage firms and exchanges, which is why it is called decentralization.
These platforms have recently
become a major target of attacks. From the beginning of the year to July, total
losses from breaches related to decentralized platforms totaled $361 million,
nearly three times more than in the whole of 2020, according to studies firm
CipherTrace.
"These stolen coins belong to
tens of thousands of traders around the world," Polly Network said in a
letter to hackers, threatening to go to the police if the robbers refuse to
reach a financial settlement.
Virtual currencies do not have a
serial number and are not controlled by governments and central banks, such as
traditional currencies, but are dealt with only over the Internet without her physical presence.