Someone just perpetrated one of the largest cryptocurrency heists known to date… and appears to be having second thoughts. The Block and CNBC report that a hacker stole about $611 million in Ethereum, Shiba Inu and other digital currencies from the decentralized Poly Network finance platform on August 10th by exploiting a vulnerability. Less than a day later, however, the intruder sent a token indicating they were "ready to surrender" and started returning millions in funds.
It's not completely clear what prompted the change of heart, but the hacker may have been caught. Slowmist and other security researchers reportedly tracked down identifying info, including email, an IP address and the Chinese cryptocurrency exchange the perpetrator used. If so, the 'refund' may have been an attempt to avoid criminal charges.
The damage might be limited as a result. However, this is still one of the largest thefts in DeFi (decentralized finance) history, and comes in a year when there had already been $361 million in such hacks as of July. It might just shake the confidence of those relying heavily on crypto exchanges. If there's any consolation, it's that the very technology exploited during the attack also made it difficult to profit from that attack. As analyics firm Elliptic's Tom Robinson told CNBC, it can be difficult to launder or otherwise cash out cryptocurrency without leaving a trail of clues — incidents like these might discourage attacks.
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LONDON/SINGAPORE/HONG KONG (Reuters) -Hackers behind one of the biggest ever cryptocurrency heists have returned more than a third of $613 million in digital coins they stole, the company at the center of the hack said on Wednesday. Poly Network, a decentralised finance platform that facilitates peer-to-peer transactions, said on Twitter that $260 million of the stolen funds had been returned but that $353 million was outstanding. The company, which allows users to swap tokens across different blockchains, said on Tuesday it had been hacked and urged the culprits to return the stolen funds, threatening legal action.
Hackers pulled off the biggest ever cryptocurrency heist on Tuesday, stealing $613 million in digital coins from token-swapping platform Poly Network, only to return $260 million https://www.reuters.com/technology/defi-platform-poly-network-reports-hacking-loses-estimated-600-million-2021-08-11 worth of tokens less than 24 hours later, the company said. WHAT IS POLY NETWORK? A lesser-known name in the world of crypto, Poly Network is a decentralized finance (DeFi) platform that facilitates peer-to-peer transactions with a focus on allowing users to transfer or swap tokens across different blockchains.
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