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$600 million stolen – biggest cryptocurrency theft ever?

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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.”

“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.

Want to hear more about Crypto? Hear the latest from our resident experts on Ticker Crypto

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Disney withdraws ads from X amid tensions

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Bob Iger, the CEO of Disney, faces a turbulent period as he navigates through challenges including activist investor pressure, plummeting stock prices, and declining consumer interest in Disney movies.

Amidst these struggles, Iger has taken a controversial step by publicly announcing the withdrawal of Disney’s advertisements from Elon Musk’s social media platform, X (formerly known as Twitter). This move aligns with a broader trend of progressive CEOs distancing themselves from platforms associated with figures like Musk and Donald Trump.

The decision to pull ads from X marks a significant shift in the digital advertising landscape. This platform, under Musk’s leadership, aims to transform from a ‘lefty safe space’ to a hub for unrestricted free speech. This pivot includes a commitment to allowing conservative voices and resisting influence from political entities, including those in the Biden administration. However, this transformation has placed Musk, the world’s richest man, in a vulnerable position, drawing intense scrutiny and criticism.

Musk’s situation worsened following his endorsement of a controversial tweet, perceived as antisemitic, suggesting a Jewish conspiracy behind a demographic replacement theory. This incident fueled antisemitic sentiments, especially in the wake of the tragic Oct. 7 Hamas attack in Gaza. Additionally, a report by Media Matters, a Soros-supported organization, accused X of juxtaposing major company ads, like Disney’s, with harmful neo-Nazi content. This allegation led to an advertising boycott, severely impacting X’s financial stability.

At the recent New York Times DealBook conference, Iger openly criticized Musk’s actions and X’s content policies, leading to Disney’s ad withdrawal. While Musk admitted his error, he and his team have countered Media Matters’ claims, accusing them of defamation and filing a lawsuit. Amid these controversies, stakeholders are questioning Iger’s strategic decisions for Disney, especially considering his legacy as a former long-term CEO and his role in shaping the company’s current direction under his successor, Bob Chapek.

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Microsoft’s non-voting board seat in OpenAI revival

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Microsoft has secured a non-voting board seat at OpenAI, marking a significant development as Sam Altman returns to helm the organization as CEO.

Microsoft’s new role within OpenAI comes as the tech giant continues to deepen its involvement in AI research and development. While the board seat is non-voting, it symbolizes Microsoft’s commitment to fostering collaboration in the AI community.

This move follows Sam Altman’s recent appointment as CEO of OpenAI, bringing him back into the fold after a brief stint at the helm of the startup in its early days.

With the resurgence of Altman as CEO, and Microsoft’s newfound presence on the board, the question arises: What synergies will this partnership unlock between two prominent entities in the AI domain?

As AI technologies continue to advance, what potential breakthroughs can we expect from this collaboration?

In summary, Microsoft has secured a non-voting board seat at OpenAI as Sam Altman returns as CEO, signaling a deepening alliance in the world of artificial intelligence.

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Elon Musk’s X faces $75M loss as advertisers exit

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Elon Musk’s venture, X, is bracing for a substantial financial hit as reports suggest it could suffer losses of up to $75 million by the end of this year.

The turmoil stems from a growing exodus of advertisers, which has sent shockwaves through the company’s revenue streams.

The advertiser exodus appears to be linked to controversies surrounding Elon Musk and his unconventional approach to business and social media. Musk’s controversial statements and tweets have drawn both praise and criticism, but they seem to have alienated a significant portion of X’s advertising partners. Many companies are distancing themselves from the venture due to concerns about brand image and association with Musk’s unpredictable behavior.

This development raises pressing questions about the future of X and its ability to retain advertising partnerships. Can Elon Musk navigate these turbulent waters and win back advertisers? Will X need to reevaluate its strategies and adopt a more traditional corporate image? How might this impact the overall financial health of the venture, and what steps will be taken to mitigate losses?

In the midst of these uncertainties, it remains to be seen whether X can weather the storm and maintain its prominent position in the business world. Elon Musk’s unorthodox approach has often yielded success, but the current challenges pose a significant threat to the venture’s financial stability. As the year-end approaches, observers are closely watching to see how Musk and X respond to this critical situation.

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