A hacker group has stolen $ 600m from what appears to be one of the largest cryptocurrency hacks ever done in the world.
Blockchain site Poly Network has announced that hackers attacked a system vulnerability in their system and stole thousands of digital tokens like Ether and Binancecoin.
One Of The Largest Hack In Defi
In a letter posted on Twitter, the company has urged the cyber thieves to “make contact and return the stolen cryptocurrencies”.
On average, the hack is accompanied by major recent violations of exchanges such as Coincheck and Mt Gox.
In its letter Poly Network stated: “The amount of money you have looted is one of the largest in the history of defi [decentralized finance].
“Law enforcement in any country will regard this as a serious economic crime and it will be followed up.
“The money you stole comes from tens of thousands of members of the crypto community, that is the people.”
Which Tokens Have Been Stolen?
Poly Network said the initial investigation found that the criminal had used “vulnerability between contract calls”.
It has encouraged various other networks to block deposits of currencies, after seeing the transfer of millions of dollars worth tokens in other cryptocurrency wallets.
Approximately $ 267m in Ether, $ 252m in Binance coins and approximately $ 85 million in USDC tokens have been part of the heist.
Binance CEO Speaks
Changpeng Zhao, Binance’s chief executive officer, said his company was aware of the incident, but added that there was not so much he could do.
He said the group was “working with all security partners to help”.
“There are no guarantees,” he added.
Poly Network is a Defi provider, which allows users to transfer tokens tied to a single blockchain on a different network.
Previous Record
Cryptocurrency systems such as Ether and Binance are built independently, so they have faced troubles in the past as well to work together.
Fraud loss in the Deffi sector hit more than $ 474m in the first seven months of the year, research firm CipherTrace reported on Tuesday.
But crime losses in the entire cryptocurrency market dropped dramatically to $ 681m, compared to $ 1.9bn for the whole of 2020 and $ 4.5bn in 2019.
