Stolen: Over $600 Million In Crypto Currencies

Crypto hackers may have executed the biggest crypto currency theft in history. More than $600m (£433m) has been stolen in what’s likely to be one of the biggest crypto-currency thefts ever. Hackers have apparently breached blockchain-based platform Poly Network and stole more than $600 million in crypto currencies,including Ethereum. making this  the biggest known hack ever in 'decentralised finance'.  

Poly Network is a platform which allows users to exchange crypto tokens and has confirmed that thousands of investors have been affected by this latest crypto theft. 

A blockchain is a ledger of activities upon which various crypto currencies are based. Each digital coin has its own blockchain and they’re different to each other. Poly Network claims to be able to make these various blockchains work with each other.
“We are sorry to announce that #PolyNetwork was attacked,” Poly announced in a tweet yesterday, confirming that millions of dollars have been stolen from crypto investors.

In subsequent message, PolyNetwork disclosed the addresses of the attackers to which the stolen amount was transferred.
"We call on miners of affected blockchain and crypto exchanges to blacklist tokens coming from the above addresses," announced the platform, which was formed by an alliance between the teams behind multiple blockchain platforms, Neo, Ontology and Switcheo

It has asked hackers to return the assets, while adding that a legal action will be taken against those involved. Ethereum is believed to be the most affected crypto currency in the theft. The hackers have taken $273 million in in Ethereum tokens, $253 million in tokens on Binance Smart Chain and $85 million in U.S. Dollar Coin (USDC) tokens on the Polygon network.  About $33 million of the stablecoin Tether that was a part of the theft has been frozen by Tether’s issuer soon after the attack. This means that these tokens cannot be used by the hackers.

One of the biggest advantages of crypto currency is that it uses encryption whenever a transaction needs to be verified. Crypto currency gets its name from the very thing that makes it as secure as possible: cryptography, aka ciphers and codes, according to Kaspersky

“Technology has changed the way people work, communicate, shop and even pay for goods. Companies and consumers don't always prefer cash anymore, and this behavior is giving way to contactless payments like Apple Pay. With the quick wave of a smartphone, consumers can pay for items at digital registers. Now, a new payment system is emerging: crypto currency... Crypto currency is a digital payment system that doesn't rely on banks to verify transactions” says Kaspersky.

The US Securities and Exchange Commission (SEC) has recently charged lender Blockchain Credit Partners and two of its top executives for raising $30m through allegedly fraudulent offerings. Losses from crime in the overall crypto-currency market dropped sharply in 2021 to $681m, compared to $1.9bn for the whole of 2020 and $4.5bn in 2019 

PolyNetwork:    CNBC:    Forbes:   Kaspersky:   Complex:   TechTimes:      BBC:      IndiaToday:    Image: Unsplash

You Might Also Read: 

Standing On The Cryptocurrency Frontier:

 

« New CSPM Report Highlights The Perceived Security Gap For Cloud Infrastructure
Cyber Crime In 2025 »

CyberSecurity Jobsite
Perimeter 81

Directory of Suppliers

ON-DEMAND WEBINAR: How to improve your security posture with a web application firewall (WAF)

ON-DEMAND WEBINAR: How to improve your security posture with a web application firewall (WAF)

Watch this webinar to discover how a WAF goes beyond a standard firewall and helps you meet security industry compliance.

Jooble

Jooble

Jooble is a job search aggregator operating in 71 countries worldwide. We simplify the job search process by displaying active job ads from major job boards and career sites across the internet.

BackupVault

BackupVault

BackupVault is a leading provider of completely automatic, fully encrypted online, cloud backup.

ZenGRC

ZenGRC

ZenGRC - the first, easy-to-use, enterprise-grade information security solution for compliance and risk management - offers businesses efficient control tracking, testing, and enforcement.

Practice Labs

Practice Labs

Practice Labs is an IT competency hub, where live-lab environments give access to real equipment for hands-on practice of essential cybersecurity skills.

Information Risk Management (IRM)

Information Risk Management (IRM)

IRM is an international consultancy dedicated to helping organisations solve key business issues. We provide strategic cyber security advice across a wide range of sectors.

Snort

Snort

Snort is an open source intrusion prevention system capable of real-time traffic analysis and packet logging.

La Playa

La Playa

La Playa is an award-winning independent insurance broker offering specialist cover in areas including cyber and privacy.

CERT.LV

CERT.LV

CERT.LV is the national Computer Emergency Response Team for Latvia.

UZCERT

UZCERT

UZCERT is the national Computer Emergency Response Team for Uzbekistan.

Nullcon

Nullcon

Nullcon provides an integrated platform for exchanging information on the latest attack vectors, zero-day vulnerabilities and unknown threats.

Excellium Services

Excellium Services

Excellium’s Professional Services team combines expertise and experience that complements your in-house security resources.

Keepnet Labs

Keepnet Labs

Keepnet Labs is a phishing defence platform that provides a holistic approach to people, processes and technology to reduce breaches and data loss and presents anti-phishing solutions.

PureCyber

PureCyber

PureCyber (previously Wolfberry Cyber) is an award-winning cyber security consultancy whose goal it is to make cyber security accessible, understandable, and affordable for any organisation.

International Accreditation Forum (IAF)

International Accreditation Forum (IAF)

The IAF is the world association of Conformity Assessment Accreditation Bodies. Its primary function is to develop a single worldwide programme of conformity assessment.

Hacken

Hacken

Hacken provide a range of cybersecurity services including security assessments, blockchain security audits, and secure software development.

Jerusalem Venture Partners (JVP)

Jerusalem Venture Partners (JVP)

JVP’s Center of Excellence in Be’er Sheva aims to identify, nurture and build the next wave of cyber security and big data companies to emerge out of Israel.

Cryptoloc

Cryptoloc

Cryptoloc's core business is developing solutions designed to protect businesses from all kinds of security threats using a unique patented cryptography.

Lewis Brisbois

Lewis Brisbois

Lewis Brisbois offers legal practice in more than 40 specialties, and a multitude of sub-specialties including Data Privacy & Cybersecurity.

Bloc Ventures

Bloc Ventures

Bloc Ventures is an investment company providing long-term, ‘patient’ equity capital to early stage unquoted deep technology companies.

Amvia

Amvia

Amvia is a fast-growing telecoms, Internet and Microsoft service provider. We supply voice, data and cyber security services to 100s of small and large companies.