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A group of hackers carried out the world’s largest theft of cryptocurrencies

The Polygon network, attacked by hackers
The Polygon network, attacked by hackers

A group of hackers carried out the largest theft in the world of cryptocurrencies for $ 600 million.

Yesterday, the world’s 18th largest cryptocurrency, Poly Network, suffered a loss of more than $ 600 million.

Thus, became the largest hack in the history of the cryptocurrency world and put investors around the world on alert as it makes them doubt about the safety of cryptocurrencies.

The hack was followed in a recent report by CipherTrace, a company dedicated to cryptocurrency intelligence and blockchain analytics, detailing how defi-related hacks and fraud in 2021 have already surpassed those in 2020. Tuesday’s Poly Network hack it is well above the value of the whole year in defi hacks.

This week Ciphertrace released a report showing that previously $ 474 million was lost to fraud and attacks related to the world defi. It highlights how defi fraud has reached record levels, but yesterday’s Poly Network is by far the most prominent.

The official Poly Network Twitter account posted an announcement about the massive hack. “We regret to announce that Poli Red was attacked.” Through the social network, the Polygon team said that the hacker was able to access funds on various blockchains.

Matic, the crypto under fire
Matic, the crypto under fire

The Poly Network project originally comes from another cryptocurrency, NEO, which is the 36th largest, and leverages three different blockchain networks. This means that the Poly Network hacker was able to obtain funds from the Polygon, Ethereum and Binance Smart Chain protocols, the most important exchange network.

While the Polygon network has its own token, Matic, the stolen assets also include a large number of tokens, including Ethereum, DAI, Uniswap, Shiba Coin, Fei Protocol, Binance USD, Bitcoin Binance, Ehtereum Binance, BNB token, USDT and more.

One hacker claimed that the theft could have been even greater; Sushiswap’s “supercoder”, Mudit Gupta, stated that the problem was not a “smart contract or defi trick, but rather a traditional key compromise combined with irresponsible design decisions made by Poly Network.”

The team behind the Poly Network project has also written a letter asking the hacker to cooperate with the team.. “We want to communicate with you and urge you to return the pirated funds,” the letter says. However, it does not appear that he, or hackers, are willing to cooperate with the Poly Network project.

Some transaction messages that supposedly come from the hacker They say: “It would have been a billionth hack if I had moved the remaining ‘shitcoins’. Did I just save the project? I am not that interested in the money, now I am considering returning some tokens or just leaving them here. ” The hacker’s message continued: “What if I make a new token and let the DAO decide where the tokens go?”

Despite the doubts produced by this case, the Matic token registered a rise of 2.64 percent at the close of yesterday, and today the price shot up 20 percent, reaching 1.38 dollars per token, for then correct a little until 1.35; the reasons for this rise are still unclear to analysts.

Yanina Orrego, CEO of Capital Ediciones, told Infobae: “The best way not to lose your cryptocurrencies is by saving them in ‘wallets’ or crypto wallets”, and added: “If the wallet is on your computer, it is quite safe, but if you have the possibility of buying a physical wallet, they are going to be much more ”.


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Tammy Sewell is our Writer and Social at OICanadian.com. Tammy loves sports, she writes our celebrities news. She spends time browsing through several celebs news sources as well the Instagram. Email: [email protected] Phone: +1 513-209-1700

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