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 »

Infosecurity Europe
CyberSecurity Jobsite
Perimeter 81

Directory of Suppliers

ManageEngine

ManageEngine

As the IT management division of Zoho Corporation, ManageEngine prioritizes flexible solutions that work for all businesses, regardless of size or budget.

TÜV SÜD Academy UK

TÜV SÜD Academy UK

TÜV SÜD offers expert-led cybersecurity training to help organisations safeguard their operations and data.

Directory of Cyber Security Suppliers

Directory of Cyber Security Suppliers

Our Supplier Directory lists 8,000+ specialist cyber security service providers in 128 countries worldwide. IS YOUR ORGANISATION LISTED?

Resecurity

Resecurity

Resecurity is a cybersecurity company that delivers a unified platform for endpoint protection, risk management, and cyber threat intelligence.

Authentic8

Authentic8

Authentic8 transforms how organizations secure and control the use of the web with Silo, its patented cloud browser.

Foregenix

Foregenix

Foregenix are global specialists in Digital Forensics and information security including Penetration testing and Website Security.

Napatech

Napatech

Napatech develops and manufactures high speed network accelerators specifically designed for real-time network monitoring and analysis applications.

Antiy Labs

Antiy Labs

Antiy Labs is a vender of antivirus engine and solution, providing the best-in-breed antivirus engine and next generation antivirus services for confronting PC malware and mobile malware.

VerSprite

VerSprite

VerSprite is a specialist information security consulting firm. We provide organizations with detection across all their attack surfaces and deliver critical insight into all possible attack methods.

Checksum Consultancy

Checksum Consultancy

Checksum Consultancy specializes in Information security, Risk management, and IT governance.

Slovenska Akreditacija (SA)

Slovenska Akreditacija (SA)

Slovenska Akreditacija (Slovenia Accreditation) is the national standards accreditation body for Slovenia.

Presidio

Presidio

Presidio is a leading North American IT solutions provider focused on Digital Infrastructure, Business Analytics, Cloud, Security & Emerging solutions.

SubRosa Cyber Solutions

SubRosa Cyber Solutions

SubRosa Cyber Solutions solves its clients’ most tenacious information security, risk and compliance challenges through a multitude of information technology services and expertise.

In Fidem

In Fidem

In Fidem specializes in information security management, with a bold approach that views cybersecurity as a springboard to organizational transformation rather than a barrier to innovation.

Twingate

Twingate

Twingate help organizations secure and manage access to their technology resources in a world where people work from anywhere.

Banyax

Banyax

Banyax provides 24×7 real-time Cyber Defense Center Services using the latest technology tools to provide state-of-the-art defense.

ELLIO Technology

ELLIO Technology

ELLIO Technology is a cybersecurity company that reduces alert overload, improves incident response, and helps security teams target serious attackers who pose a real threat.

CAT Labs

CAT Labs

CAT Labs is building digital asset recovery and cybersecurity tools to enable governments to fight crypto crime and to protect investors from hacks, fraud and scams.

Vambrace Cybersecurity

Vambrace Cybersecurity

Vambrace is an experienced cybersecurity consultancy and operations outsourcer helping you to secure your business in an increasingly-hostile cyber environment.

modePUSH

modePUSH

modePUSH is a cybersecurity company focused on end-to-end breach response from Digital Forensics to Restoration across the enterprise and cloud environments.

VCI Global

VCI Global

VCI Global is a diversified holding company. Through its subsidiaries, it focuses on consulting, fintech, AI, robotics, and cybersecurity.