The incidence is being referred to as the biggest cryptocurrency heist as it surpassed older crimes that have taken the crypto world by surprise. It outweighs the Mt. Gox exchange case that saw the platform collapsed in 2014 after losing half a billion dollars in bitcoin, the Coincheck’s case in 2018 in which the exchange lost $530 million worth of digital coins and the $474 million in criminal losses CipherTrace said were registered by the entire DeFi sector from January to July.
Poly Network reported hours ago that so far, $260 million worth of the $610 million stolen assets have been returned by the hackers who exploited a vulnerability on its platform. The total amount that has been returned so far is $342 million worth of cryptocurrency leaving an outstanding of $268 million in digital assets. The crypto platform shared this via micro-blogging platform Twitter.
Poly Network first announced the attack on its platform on Tuesday via Twitter after which it urged the hackers to return the stolen fund. The hackers have since come out to say that they were not interested in money, hacked poly Network for fun, and wanted to be the first to break the platform’s vulnerability.
The hackers have still unidentified and it is still unknown if they will ever be as Poly Network has refused to say if the law enforcement is investigating the case. Although the hackers said they hacked Poly Network simply for fun, blockchain experts are of a different opinion. They believe that the hackers decided to return the funds on discovering that it would be difficult to launder such a huge amount of funds.
Up till now, Poly Network has refused to give important details that would shed more light on the incident.
Ibhadojemu Lucky Emmanuel is a graduate of Education and Economics from the University of Benin. He has a passion for tech and business and has been writing professionally for over a period of five years. He's written across various topics and segments and knew tech-business was it when he first stumbled on it. He has a great passion for music and arts, and wants to visit as many countries as he can someday.
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