PolyNetwork Hacked, $600 million Lost - page 2.

smyslov

sr. member

Activity: 2002

Merit: 269

Quote from: ?? on ??

in this situation, all the funds were returned, as far as I know, the exchange completely covered all the losses. It was a serious blow to the reputation, but the team and management coped. In this situation, too, everything ended well and the hacker returned the funds, now there are technologies that can track transactions and prevent loss of all funds.

They should beef the security we all know what happened to exchanges that were hacked, they lose the trust of their traders and migrated to other exchanges, they must prove that it will not happen again and they addressed the issue, glad that they covered the losses, that should be the case, exchanges should insure the funds of their traders.

Erdogan

legendary

Activity: 1512

Merit: 1005

Everyone still warns and explains how to secure the wallet. We are surprised why new users do not take this topic seriously and disregard it. What, then, can be said about the fact that such a serious company cannot maintain basic security conditions and keep so large funds on the cold wallet?! It is an good example for all new users that before they start trading or just investing, the most important thing is to learn how to properly secure funds and wallet.

Gayong88

member

Activity: 1540

Merit: 22

If I'm not mistaken the KuCoin Exchange was also hacked with a fantastic value. At least $150 million Ethereum tokens from the exchange have been lost from exchange wallets, and millions of dollars from other blockchains have been lost. This includes $13 million from Tether based on the then-current EOS blockchain.

However, I believe from the number of incidents mentioned above, increasing maximum security both from inside and outside is very necessary so that similar cases do not happen again and the space for hackers can be narrowed.

Teknisi88

full member

Activity: 1050

Merit: 104

Quote from: goaldigger on August 14, 2021, 07:55:27 PM

Quote from: zasad@ on August 14, 2021, 06:01:47 PM

Welcome to this thread if you love reading about hacks.
https://bitcointalksearch.org/topic/defi-hacks-history-5267124
Previously, everyone was interested in auditing projects, but now projects are hacked a few days after the official audit
Think very carefully before sending your money to similar projects. Hackers may return the money, but your nerves cannot be returned:)

Exactly, who will trust this network if they are not able to secure the money in the first place, they just got lucky because hackers are afraid and return the money but in the future, there's still a high chance that his hack will happen again. We should be more careful and PolyNetwork has to ensure that the funds of investors are still safe with them, better to give them an assurance with this one if they still want to continue their business.

Hackers are geniuses.
They are always looking for loopholes to apply their genius.
All altcoins are potentially hackable. but the level of security strength of altcoins becomes a bit of a barrier for hack victims.
Potential investors should really learn to understand about the altcoin project.

Deblocoin

newbie

Activity: 1

Merit: 0

Quote from: ?? on ??

Quote from: cryptomaniac_xxx on August 14, 2021, 05:41:13 PM

They return their loot because there is a big chance that they can be traced because of the mistakes they did, depositing some of it on a centralized exchange in which they can be identified through their ip address or even with their personal information. So that is their biggest mistakes and the only way to somewhat lessen the burden is to give back the money they stole and hide.

Even if they returned the funds they are already marked on the exchange where they sent the funds, and we all know Crypto companies have interaction with each other, I'm hoping they will still continue the pursue, trace these people and charge for hacking even if they returned the funds, they already committed the crime let the court decides their fate.

So Code is not Law? A Smart Contract which is hacked can be seen as a Smart Contract with rules validating and allowing some operations, don't you think?

JohnBitCo

sr. member

Activity: 2030

Merit: 356

Quote from: Teknisi88 on August 11, 2021, 10:55:38 AM

Today I read the news of the most shocking events at https://www.reuters.com/technology/defi-platform-poly-network-reports-hacking-loses-estimated-600-million-2021-08-11/ namely news about The biggest hack in the history of the crypto industry.
A cryptocurrency platform has lost about $600 million in digital tokens after one of the biggest hacking attacks in the sector, according to details of the theft that emerged on Wednesday.
Why this event can happen so as to create space for hackers, it's really unfortunate

What's more bad about this hack was that PolyNetwork team stand clueless on what can be done to recover the people funds. As per the team, the network is hacked and funds are lost and they could not do anything to compensate their investors. That's the sad reality that in this unregulated market, no one can take responsibility of your loss.

tabas

hero member

Activity: 2954

Merit: 725

Top Crypto Casino

Quote from: Jercyhora2 on August 14, 2021, 08:08:13 PM

Are there Tx ID's that prove that the stolen money has been returned? I just thought, because most of the respondents to this post know that the said Platform was stolen but there is no proof but a link of a crypto news. I tried searching on google but I couldn't find the actual transaction address where the coins were returned. Because if they can't show that they have been hacked, maybe that's just a way for them not to scare the community, especially their own users. Maybe it won't reduce their privacy if they show it, right?

I couldn't find that also but polynetwork won't create a mess just to make some noise that they've been hacked. I don't think that's a good thing if they're going to do that. But let's just trust them and don't doubt with what they've said. If they've admitted that they've hacked, so be it.
But what's good in this case is that, some of the funds were returned.

Sithara007

legendary

Activity: 3164

Merit: 1344

Leading Crypto Sports Betting & Casino Platform

Quote from: cryptomaniac_xxx on August 14, 2021, 05:41:13 PM

They return their loot because there is a big chance that they can be traced because of the mistakes they did, depositing some of it on a centralized exchange in which they can be identified through their ip address or even with their personal information. So that is their biggest mistakes and the only way to somewhat lessen the burden is to give back the money they stole and hide.

There have been hundreds of exchange hacks to this date. And in only a handful of cases, the perpetrators have been caught. More than $30 billion worth of coins were stolen during the Mt.Gox hack in 2014. Seven years have passed and not even a single individual have been arrested yet. The same can be said about the other well known hacks, such as Cryptopia 2019 and Coincheck 2018. It is possible to track the hackers, but in many cases they are intelligent enough to destroy their trail. Only in cases where the hacker behaved in an extremely stupid manner they will be caught, similar to what happened with Tomáš Jiříkovský (Sheep Marketplace).

Jercyhora2

member

Activity: 504

Merit: 23

Epsilon Omega

Are there Tx ID's that prove that the stolen money has been returned? I just thought, because most of the respondents to this post know that the said Platform was stolen but there is no proof but a link of a crypto news. I tried searching on google but I couldn't find the actual transaction address where the coins were returned. Because if they can't show that they have been hacked, maybe that's just a way for them not to scare the community, especially their own users. Maybe it won't reduce their privacy if they show it, right?

goaldigger

sr. member

Activity: 2310

Merit: 355

Quote from: zasad@ on August 14, 2021, 06:01:47 PM

Welcome to this thread if you love reading about hacks.
https://bitcointalksearch.org/topic/defi-hacks-history-5267124
Previously, everyone was interested in auditing projects, but now projects are hacked a few days after the official audit
Think very carefully before sending your money to similar projects. Hackers may return the money, but your nerves cannot be returned:)

Exactly, who will trust this network if they are not able to secure the money in the first place, they just got lucky because hackers are afraid and return the money but in the future, there's still a high chance that his hack will happen again. We should be more careful and PolyNetwork has to ensure that the funds of investors are still safe with them, better to give them an assurance with this one if they still want to continue their business.

cryptobrzy

jr. member

Activity: 123

Merit: 3

SmartFi - EARN, LEND & TRADE

The last time i read about this news the hacker had already returned over $342 million worth of the stolen cryptocurrencies to the team and only $268million on the ethereum blockchain had not been returned. Personally i believe that the hacker could be someone close yo the project team and has been compensated in some way to return the cryptos or he/she knows that a large heist of this manitude of 600 million will surely leave some footprints and will be tracked so it wouldn't really be wise to try and liquidate the cryptos

VanDeinsberg12

hero member

Activity: 1540

Merit: 507

Quote from: kurniawan05 on August 14, 2021, 07:03:13 PM

I have searched Polynetwork on Coinmarketcap and cant found it, i saw the other people said polygon got hacked, so i think it was a same project. Thanks for explaining me.

It's not yet listed on the coinmarketcap but as far as i know if this is the official site of polynetwork. You may need to check it on the another marketcap site like coingecko, as far as i know some platforms that have not yet listed on coinmarketcap already listed there https://poly.network/

I hope that this will help you to know about polynetwork

kurniawan05

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Activity: 1708

Merit: 13

KUWA.ai

Quote from: ?? on ??

it's different. Polynetwork was just a defi platform and it was also using various chain like BNB, ETH and Polygon as the secondary layer for ethereum. Just because it was using poly as its name and it doesn't mean if that was running by the same company who has been running polygon.

I have searched Polynetwork on Coinmarketcap and cant found it, i saw the other people said polygon got hacked, so i think it was a same project. Thanks for explaining me.

Rexler

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Activity: 616

Merit: 12

The Standard Protocol - Solving Inflation

Quote from: Teknisi88 on August 11, 2021, 10:55:38 AM

Today I read the news of the most shocking events at https://www.reuters.com/technology/defi-platform-poly-network-reports-hacking-loses-estimated-600-million-2021-08-11/ namely news about The biggest hack in the history of the crypto industry.
A cryptocurrency platform has lost about $600 million in digital tokens after one of the biggest hacking attacks in the sector, according to details of the theft that emerged on Wednesday.
Why this event can happen so as to create space for hackers, it's really unfortunate

I think this should be the biggest DeFi hack of all time, lucky for them the hacker is a white hat hacker, else he wouldn't have returned all those money he looted, but gosh $600 million is a whole lot of money to steal, its just way too big for anyone to change to fiat, I don't know what we really need to do for DeFi platforms to stop getting hacked, this is getting out of hand.

zasad@

legendary

Activity: 1736

Merit: 4270

Welcome to this thread if you love reading about hacks.
https://bitcointalksearch.org/topic/defi-hacks-history-5267124
Previously, everyone was interested in auditing projects, but now projects are hacked a few days after the official audit
Think very carefully before sending your money to similar projects. Hackers may return the money, but your nerves cannot be returned:)

cryptomaniac_xxx

hero member

Activity: 1344

Merit: 540

Quote from: coin-investor on August 13, 2021, 06:43:35 AM

Quote from: Wicked17 on August 13, 2021, 06:39:49 AM

Unfortunate, those hackers are really looking for potentital crypto platform thats so vulnerable for a glitch or a so called hacking. This is just an indication to tell us that technology played a vital part that gives us hope and of course worries like this.

Thye are good at hacking but bad as criminals, they cannot sustain and complete their works, the developers are only demanding and threatening but they panic and return their loot, but we should not become comfortable and relax with these hackers they are not going to stop and will map out an escape route, so they will get traced.

They return their loot because there is a big chance that they can be traced because of the mistakes they did, depositing some of it on a centralized exchange in which they can be identified through their ip address or even with their personal information. So that is their biggest mistakes and the only way to somewhat lessen the burden is to give back the money they stole and hide.

Jercyhora2

member

Activity: 504

Merit: 23

Epsilon Omega

I just thought, because of such circumstances, people who know about Computer Codes are really better when it comes to crypto. The kind of level of knowledge that can read computer codes by itself. So there is a good chance that he will see or read the possible weaknesses of the security foundation created by a group of developers. Unlike me, who knows nothing about computer language and only bases on the background of the developer teams behind a project.

aemma

copper member

Activity: 966

Merit: 14

This was a bad news as the amount was huge and then again, the hacker started returning the funds which is now a sort of good news for PolyNetwork and I believe they have learnt and will pay more attention on their security. Also, i think another Defi projects was hacked recently which brings the question of how secure are Defi platforms, because if these platforms can't provide more security to users then I wonder the fate of such users. I believe that in addition to trying hard to offer a lasting use case, project team should also pay more and closer attention on their security, because a security breach is big enough to render a project useless. It's good the hacker is returning the funds as that is a good news for the entire market because of the amount, let other Defi projects update their security because that is the most important.

livingfree

hero member

Activity: 2786

Merit: 578

Quote from: killerfrost on August 12, 2021, 10:42:14 PM

Although I don't follow this scandal much, I find this to be a really memorable moment for the crypto market.

Every hack that happens in cryptocurrencies, exchange or any related services are always in the trend and going to be part of the history which makes it memorable.

Quote from: killerfrost on August 12, 2021, 10:42:14 PM

Although a lot of fake news put out, I find that the HACKER attack on this field is also an inevitable part, because we are living in a technology system of the future. And the attacks will make us stronger, but it seems things have calmed down again.

It has calmed down again after the hacker has returned near to the actual amount that was hacked.

coin-investor

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Leading Crypto Sports Betting & Casino Platform

Quote from: Wicked17 on August 13, 2021, 06:39:49 AM

Unfortunate, those hackers are really looking for potentital crypto platform thats so vulnerable for a glitch or a so called hacking. This is just an indication to tell us that technology played a vital part that gives us hope and of course worries like this.

Thye are good at hacking but bad as criminals, they cannot sustain and complete their works, the developers are only demanding and threatening but they panic and return their loot, but we should not become comfortable and relax with these hackers they are not going to stop and will map out an escape route, so they will get traced.

Topic: PolyNetwork Hacked, $600 million Lost - page 2. (Read 510 times)