Major Crypto Platform Loses $600 Million in Cyberheist
The finance platform announced plans to take legal action and urged the hackers to return the stolen funds.
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Poly Network, a decentralized finance platform, has lost an estimated $600 million in digital tokens after one of the sector’s biggest ever hacking attacks, reports Yahoo Finance. The company announced the hack on Twitter and posted details of digital wallets to which it said the money was transferred, urging people to blacklist tokens from those addresses. The platform tweeted it planned to take legal action and urged the hackers to return the stolen funds to several of its digital addresses. Two million in stolen tokens has been returned. The retrieval underscored the difficulties of laundering large amounts of stolen crypto.
The theft appeared to be one of the biggest ever in cryptocurrency markets and compares with the $530 million in digital coins stolen from Tokyo-based exchange Coincheck in 2018. The stolen funds amount to more than the criminal losses registered by the entire DeFi sector from January to July of a record $474 million, according to a report from crypto intelligence company CipherTrace.
