Poly Network


■In one of the largest crypto heists of recent years, hackers stole cryptocurrencies worth more than $600 million from Poly Network, a decentralized finance (DeFi) platform, and surprisedly returned over one-third of the pilfered assets. 

Poly Network, which uses digital assets for lending and other financial transactions had disclosed the hack in a series of Twitter posts.

Blockchain security company SlowMist estimated that the stolen cryptocurrencies were worth over $610 million at the time. SowMist also stated that its researchers had grasped the hackers’ mailbox, IP, and device fingerprints nd are traccking possible identity clues related to the heist. 

The hackers made away with digital currencies including ether, and tokens backed by bitcoin, as well as tether and the Shiba Inu coin. They sent a message to Poly Network saying they were ready to return the stolen funds and the DeFi platform responded requesting the money be sent to three crypto addresses.

Poly Network later reported that assets worth around $260 million have been returned. 

In a lengthy post, the hackers claimed that they already planned to return the funds and their motive for the heist is to expose the security lapses in the decentralized crypto market.

DeFi-related fraud is on the rise as in the first seven months of the year, it accounted for 54% of total crypto fraud volume versus 3% for all last year.●

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