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.
“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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SWIFT could soon be opening up with blockchain assets after new deal
SWIFT could soon open up even further with blockchain assets
The financial telco is teaming up with the blockchain oracle network, Chainlink.
The pair are working on a proof-of-concept, which would allow SWIFT to allow token transfers across a range of blockchain environments.
The company believes this will give financial institutions the chance to become blockchain-friendly, without higher costs.
It’s not the first time these two firms have worked together. In fact, another proof-of-concept around bond issuance was tested around five years ago.
We know how the crypto market will recover, but when?
$2.2 Trillion Institutional Crypto Price Prediction Reveals Bitcoin And Ethereum Could Be Poised For Recovery
The crypto market took a huge hit after the Federal Reserve’s announcement of quantitative easing, but one analyst is predicting that both bitcoin and ethereum could stage a recovery in the near future.
According to a report from investment firm JP Morgan, the two largest cryptocurrencies by market capitalization could see prices rise to $14,000 and $3,900 per coin, respectively.
This would represent a significant rebound from their current levels of around $10,000 and $200.
The report cites the recent influx of institutional investors into the crypto space as a key driver of this price growth.
With more and more big money players getting involved in crypto, JP Morgan predicts that the market could soon see a “new paradigm” of price discovery.
So far, crypto has been largely driven by retail investors, who are often more prone to emotional buying and selling.
With institutional investors coming in, there could be more stability in the market and less volatility.
JP Morgan’s report is just one of many bullish crypto predictions that have come out in recent months.
With more and more mainstream companies and financial institutions taking crypto seriously, it seems that the once-niche market is finally coming into the mainstream.
Ex-Crypto boss Do Kwon denies he’s on the run
Do Kwon is denying reports he is on the run
The founder of Terraform Labs denied reports he is on the run from South Korean authorities.
It follows an international arrest warrant being issued for the cryptocurrency executive
Kwon’s company was behind the algorithmic stablecoin terra and its sister token luna, which collapsed in value from around $60 billion to nearly nothing in May.
The collapse of these tokens caused a ripple effect throughout the cryptocurrency industry, with those exposed to terra and luna, including Three Arrows Capital, feeling the pain.
Kwon insists that he is not fleeing from authorities and is cooperating with investigators.
Some analysts say this case highlights the risks associated with investing in cryptocurrency.
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