$600 million stolen – biggest cryptocurrency theft ever?

Published

2 years ago

August 12, 2021

Over $600 million stolen in what could be one of the biggest cryptocurrency thefts ever

Hackers tapped into Poly Network, which is a platform that helps to connect different blockchains in order to work together.

Poly Network announced the attack on Twitter and asked to establish communication with the hackers, and urged them to “return the hacked assets.”

pic.twitter.com/Yzw4oDenjC
— Poly Network (@PolyNetwork2) August 10, 2021

“The amount of money you hacked is the biggest in defi history,” Poly Network said in another tweet

Once the hackers stole the money, they began to send it to various other cryptocurrency addresses.

Hackers returned about half of the $610 million or so they pilfered Tuesday in what was likely one of the biggest cryptocurrency thefts on record in the burgeoning DeFi sector

Researchers at security company SlowMist said a total of more than $610 million worth of cryptocurrency was transferred to three different addresses.

Poly Network told cryptocurrency exchanges to “blacklist tokens” that were coming from the addresses that were linked to the hackers.

https://twitter.com/cz_binance/status/1425091869709570060

“We will take legal actions and we urge the hackers to return the assets,” Poly Network said on Twitter.

SlowMist said in a tweet that their researchers had “grasped the attacker’s mailbox, IP, and device fingerprints” and are “tracking possible identity clues related to the Poly Network attacker.”

DeFi has become a key target for attacks

DeFi-related hacks totalled $361 million since the start of this year until July.

That is an increase of nearly three times from the whole of 2020, according to cryptocurrency compliance company CipherTrace.

DeFi-related fraud is also on the rise, they accounted for 54% of total crypto fraud volume versus 3% for all of last year.

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Why is the world’s largest crypto exchange battling U.S. regulators?

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4 months ago

June 15, 2023

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U.S. regulators have filed charges against Binance, the world’s largest crypt exchange

Is the idea of a financial world that operates outside of the global banking system and eludes the reach of regulations a possibility or a pipe dream?

The Securities and Exchange Commission has filed 13 charges against the Bianace, world’s largest crypt exchange and its billionaire founder, Changpeng Zhao.

The SEC alleges that the crypto exchange worked to attract U.S. customers to its unregulated international exchange, commingled investor funds with their own and violated securities laws.

In addition, the SEC is also alleging that Binance and Zhao used market-making companies—that they controlled—to inflate trading prices and profit from of their customers.

Zhao has publicly dismissed the allegations.

Stefan Rust, the former CEO of Bitcoin.com joins us to discuss. #crypto #cryptocurrency #StefanRust #veronicadudo #Binance #ChangpengZhao

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Is the metaverse the future of social network?

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4 months ago

May 30, 2023

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U.S. firms like Meta, the parent company of Facebook and Microsoft are going all in on the metaverse. Meanwhile, Chinese companies appear to be taking a more cautious approach amid tighter regulation.

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Who will win the global metaverse race?

Published

4 months ago

May 30, 2023

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China is looking to invest in the metaverse market as numerous cities rollout policy proposals.

Technology continues to change our lives forever.

As new advancements are released to the public—safety continues to be a major concern.

People are interacting with computers in a different way, with the word Metaverse becoming a buzzword in both the tech and business industries.

While the term, “metaverse” is broad, it refers to a set of digital spaces online—including 3D—that allows people to do many things from socializing and learning to interacting and collaborating.

Analysts say it’s the next evolution in social connection and the successor to the mobile internet.

According to Morgan Stanley, the metaverse market could be worth $8 trillion in the future.

China’s technology giants are investing in the metavese and recently, numerous Chinese cities have announced policy proposals to attract and support metaverse companies.

This comes after tense year of regulatory scrutiny on the countries tech sector.

The Chinese city of Zhengzhou recently announced a series of policy proposals to support metaverse companies operating in the region.

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Oz Sultan from the Sultan Interactive Group joins us to discuss. #china #metaverse #veronicadudo #ozsultan #regulation #crypto #tech