$600 Million Cryptocurrencies Stolen In Massive Crypto Hack

Hackers breached blockchain-based platform Poly Network and stole more than $600 million in cryptocurrency on Tuesday. The stolen cryptocurrencies include Ethereum and BSC.

The theft of the same crypto is called the biggest catch in the history of digital funds. Likewise, this is the biggest hack ever in the decentralized finance (or Defi) space. Poly Network is a platform that allows users to do business across the blockchain.

Also Read: UK police are shocked to learn that energy-dense weed farming is actually a Bitcoin mine

One of the biggest Crypto hacks ever!

The essential take behind blockchain is decentralized and does not require any kind of permission from a central authority. Moreover, Poly Network claims that thousands of investors were affected by this crypto theft.

"We're sorry to announce that #PolyNetwork was attacked," Poly tweeted on Tuesday. “We called miners from the affected blockchain and crypto exchanges to block tokens originating from the above addresses,” said Poly Network showing the addresses involved in the hack.

Since then, Poly Network and others have been trying to recover assets and communicate with hackers. Ethereum was the cryptocurrency that was most affected by the hack. Hackers stole $273 million worth of Ethereum coins among other tokens such as the Binance Smart Chain and USDC tokens on the polygon network.

So far, publisher Tether has frozen around $33 million of the stolen stable coin, Tether. The attack came just as the crypto market was starting to relapse after falling back in May.

Also Read: Bitcoin Automated Trading Guide By Eric Wellman

“We are aware of the poly. network exploitation that occurred today. While no one controls BSC (or ETH), we coordinate with all our security partners to proactively help. There are no guarantees. We will do as much as we can,” said Changpeng Zhao, CEO of Binance, in a tweet.

However, Defi-related hacks have accounted for more than 60 percent of all crypto hacks over the past year, which has been increasing over time.

Via PolyNetwork2

Keywords: cryptocurrency, crypto hack, ethereum, bsc