Zest Digital Mag
  • News
  • Topics
    • Technology
    • People
    • Telecom
    • Mobiles
    • Business
    • Cars
    • Gaming
    • Operating System
  • Phone Plans
    • Internet Packages
    • Calling Packages
    • Hotspot
    • Internet Settings
    • SMS Packages
  • Mobiles Price
  • The Best
  • How To
  • BIO
    • Entreprenuers
    • Companies
Reading: Biggest cryptocurrency Heist – Hackers stole $600m
Share
Aa
Zest Digital Mag
Aa
  • News
  • Topics
  • Phone Plans
  • Mobiles Price
  • The Best
  • How To
  • BIO
Search
  • News
  • Topics
    • Technology
    • People
    • Telecom
    • Mobiles
    • Business
    • Cars
    • Gaming
    • Operating System
  • Phone Plans
    • Internet Packages
    • Calling Packages
    • Hotspot
    • Internet Settings
    • SMS Packages
  • Mobiles Price
  • The Best
  • How To
  • BIO
    • Entreprenuers
    • Companies
  • Privacy Policy
  • Terms and Conditions
  • Disclaimer
  • DCMA
  • Deer Habits
  • Contact Us
© 2022 All Rights Reserved.
Zest Digital Mag > Blog > Tech News > Biggest cryptocurrency Heist – Hackers stole $600m
Tech NewsUncategorized

Biggest cryptocurrency Heist – Hackers stole $600m

Emma Scott
Emma Scott
Updated 2021/08/11 at 3:42 PM
Share
Currency
SHARE

Hackers stole $600m (PS433m), what appears to have been the most major cryptocurrency heist ever.

Poly Network, a blockchain site, claimed hackers had exploited a vulnerability in their system and stolen thousands of digital tokens like Ether.

The hack is comparable in scale to recent breaches at significant exchanges like Coincheck or Mt Gox.

Poly Network stated in a letter that:

“The amount you have hacked money is one of the largest in decentralized financing history.”

This heist will be considered a significant economic crime by law enforcement authorities in all countries, and you will be prosecuted.

“The money that you stole is from tens to thousands of members of the crypto community, thus the people.”

EU plans to make Bitcoin transfers easier to trace

Poly Network stated that a preliminary investigation revealed that a hacker had exploited a vulnerability between contract calls.

After millions of dollars’ worth of tokens were transferred into separate cryptocurrency wallets, it urged different exchanges to stop storing the coins.

Around $267m worth of Ether currency, $252m worth of Binance coins, and approximately $85 million in USDC tokens were taken.

Changpeng Zhao was the chief executive at Binance. He said that his company was aware of hacking but couldn’t do so much. He stated that:

“The group was coordinating to all our security partners to proactive help.”

He added, “There are no guarantees.”

Poly Network, also known as Defi or decentralised finance, allows users to transfer tokens from one blockchain to another network.

Because cryptocurrency systems like Ether and Binance were created independently, they have not been used together.

According to a report by CipherTrace, fraud losses in the Defi industry reached an all-time high of $474m over the first seven months.

However, losses due to crime in the overall cryptocurrency marketplace dropped to $681m, compared to $1.9bn in 2020 and $4.5bn in 2019, respectively.

The US Securities and Exchange Commission (SEC) charged Defi lender Blockchain Credit Partners and its top executives with raising $30 million through allegedly fraudulent offerings.

This is the first time that the SEC has acted in Defi space securities cases.

Reference: bbc

You Might Also Like

Tech Ideas to Improve your Trade Show Booth

The Rule of IT Devices Rental Organization Over Professional Sector

Facebook announces new features for business

WhatsApp New Feature Update: Users can Pause Recordings

Apple appeals against the Epic Games ruling it originally described as a’resounding win’

Sign Up For Daily Newsletter

Be keep up! Get the latest breaking news delivered straight to your inbox.
By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
Emma Scott August 11, 2021
Share this Article
Facebook Twitter Copy Link Print
Share
Previous Article TV Show Sex and the City: Is the reboot on par with the original?
Next Article Disney Marvel’s What if…? Whole new dimension of MCU!
Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

banner banner
Advertise
Advertise on Zest Digital Mag
Learn More

Latest News

Shift Planner Online
How to Choose the Right Shift Planner Online: 9 Important Questions to Consider
Business Innovation Software Technology
10 Shift Planning Tool Tips and Recommendations for Small Businesses
Business Software Technology
What Does Super Visa Insurance Cover?
What Does Super Visa Insurance Cover?
Business
The Ultimate Guide to Super Visa Insurance
The Ultimate Guide to Super Visa Insurance
Business
Zest Digital Mag
Follow US

© 2022 ZEST DIGITAL MAG. All Rights Reserved.

  • Privacy Policy
  • Terms and Conditions
  • Disclaimer
  • DCMA
  • Deer Habits
  • Contact Us

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?