Up to $ 600 Million Stolen in Record Hit to Crypto World

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Up to $ 600 Million Stolen in Record Hit to Crypto World

A company specialized in cryptocurrency transfers reported that cybercriminals broke their security and loot valued between $ 500 million and $ 600 million was stolen, a record.

Poly Network called for merchants using cryptocurrency “wallets” to reject stolen Ethereum, BinanceChain and OxPolygon tokens.

“The amount of money they jacked is the largest in Defi’s history“Poly Network tweeted, referring to the decentralized finance system in which bitcoin and other digital assets operate.

“The money they stole belongs to tens of thousands of members of the crypto community,” the company added.

Poly Network threatened to turn to the police, but also offered hackers the ability to “find a solution”.

Within a few hours, the person or persons responsible for the theft they began to return part of the loot, the company itself reported on Wednesday.

At 16:00 GMT “260 million dollars (…) of assets were returned,” the company tweeted. “There are still 269 million dollars in Ethereum and 84 million in Polygon“, two cryptocurrencies.

Polygon had urged the hackers to return the stolen fortune through a letter posted on Twitter, and had provided online addresses for transfers.

Poly Network, victim of the biggest crypto theft in history.

Asked by news agencies, the United States Department of Justice and the FBI did not immediately respond to requests to comment on the case.

Poly Network posted the online addresses used by the hackers and called “miners from the affected blockchains and cryptocurrency traders to veto the tokens“from those directions.

Twitter users calculated that the amount of the theft may have reached 600 million dollars.

At the end of April, crypto thefts, hacks and fraud totaled about $ 432 million, according to an analysis by CipherTrace.

“This number seems small compared to previous years, but a deeper look reveals an alarming trend: Defi-related attacks now account for over 60% of total robberies and hacks“CipherTrace detailed in a report.

In 2019, the Defi hack was virtually non-existent, according to CipherTrace.

Crypto scams

Although it is an activity that can leave large profit margins, investing in the world of cryptocurrencies involves taking high risks. And not only because of the volatility in the price of digital assets …

Last April, for example, Turkish cryptocurrency exchange Thodex abruptly stopped its operations due to a specific transaction. Although from the service they called “not to worry”, there were 391,000 users and between 2 and 10 billion dollars under the magnifying glass. In addition, the CEO of the company left the country and ended up with an international arrest warrant.

A few days later, the Turkish police arrested 62 people in the framework of the investigation into a possible scam that exchange.

Thodex, founded under this name in 2019, was one of the most important cryptocurrency exchanges in Turkey, with a transaction volume of about $ 700 million a day in currencies such as Bitcoin, Dogecoin or Holo, before closing last Wednesday.

With information from agencies.

SL