PolyNetwork Hacked, $600 million Lost - page 3.

Wicked17

full member

Activity: 476

Merit: 107

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

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.

trannguyenbtc

jr. member

Activity: 602

Merit: 1

Proponents of DeFi say it offers people and businesses free access to financial services, arguing that the technology will cut costs and boost economic activity. But technical flaws and weaknesses in their computer code can make them vulnerable to hacks.

Srikanth Varma

newbie

Activity: 6

Merit: 2

Yesterday we took a calmer look at the PolyNetwork hack, and it seems our calmness has been vindicated.

After security firm Slowmist got the hacker's ID, he has already returned more than $256 million, creating a token called 'the hacker is ready to surrender' and sending it to a polygon address! A few hours later, after speaking to the Poly Network team in encoded messages, the hacker sent back nearly all of the assets on Binance Smart Chain.

They sent over 1,000 more BTCB ($46.4 million), 26,629 ETH ($86 million) and $119 million in the stablecoin BUSD. The only assets remaining on this chain are 6,613 BNB ($2.6 million). The big story in this hack shouldn't be how much was stolen, but how quickly crypto sleuths followed the digital footprints, in a scene straight from the movies, and tracked down the hacker's IP information.

There is only one failsafe protection against crypto security risk, and financial risk in general: and that is knowledge. The crypto phenomenon is here to stay, so arm yourself with useful information, it will demystify the risks to make you less anxious, give you simple basic steps to safely navigate the ecosystem, and show you where to reliably turn if something ever goes wrong. Subscribe to this channel and we'll do it for you in under a minute each day!

killerfrost

sr. member

Activity: 1974

Merit: 254

Sugars.zone | DatingFi - Earn for Posting

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

smartaction

legendary

Activity: 1918

Merit: 1122

Leading Crypto Sports Betting & Casino Platform

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

This is a sad thing for the crypto world. But I it happened because of PolyNetwork's weak security. So I think the security system of the polynetwork should be further improved so that such incidents do not happen again in the future.

gwdf1

full member

Activity: 680

Merit: 103

As I know, this hacker has already returned the whole sum of money. It was the biggest hack ever, but the hacker wasn’t interested in money. He seems to be like Robin Hood. He wanted to point out the vulnerability for devs to fix it. And I hope that developers will mend their smart-contract. Talking about this hacker, I am shocked that there are such people who work just for the idea and want to improve this system.

evichi

jr. member

Activity: 1162

Merit: 7

It is a very serious incident and very unfortunate. It is also discouraging to those aiming to enter into crypto currency space. It is a warning signal to all owners of crypto platforms to find out ways to prevent hacking of their platforms. Owners of crypto platforms must ensure they make serous efforts to secure the public funds entrusted in their care.

On the other hand, I also read that the hackers returned the funds and did it for fun. This is a rare incident for hackers to return stolen funds!
In my opinion, security should be one of the important features of any crypto platform holding public funds.

Alf_m.h

member

Activity: 112

Merit: 10

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

it proves the vigilance of the poly network must be careful there, they must strengthen the network so that they do not happen in the future, which results in huge losses to consumers.

Johnyz

full member

Activity: 2086

Merit: 193

Quote from: Jawhead999 on August 11, 2021, 11:31:42 AM

There's already existing topic with same discussion here, kindly to lock your topic https://bitcointalksearch.org/topic/largest-defi-hack-611-million-stolen-from-poly-network-5353878

Anyway no need to worry about this hack since the hacker refund back the $600 million to Polygon, probably the hacker has been identified and not want to be jailed.

That’s a good thing, maybe an inside job and since this is blockchain technology, the team knows already who did this incident. Still, the system of Polynetwork is not that strong since the hackers was still able to get the money from them, they should improve it and do everything to secure the system.

kurniawan05

member

Activity: 1708

Merit: 13

KUWA.ai

Quote from: Jawhead999 on August 11, 2021, 11:31:42 AM

Anyway no need to worry about this hack since the hacker refund back the $600 million to Polygon, probably the hacker has been identified and not want to be jailed.

I'm a little confused, is a polynetwork project the same as a polygon project? Are these not two different projects? Hopefully the guy who hacked really got back the $600 million he stole.

senyorito123

hero member

Activity: 1694

Merit: 505

$CYBERCASH METAVERSE

Quote from: Traderbtcc on August 12, 2021, 07:15:44 PM

The news is everywhere, this is one risk DeFi still faces and it most likely one of the reasons why most people avoid it, when u hear things like this I feel bad cause it will only prolong the mass adoption of cryptocurrency, any normal individual who would hear such news would now be afraid of investing in any cryptocurrency, he will be afraid since he wouldn't like to lose his money to any hacks, security in the crypto space should be taken seriously, things like this shouldn't be happening I heard they use 03LABS cross Chain Bridge, if only they made use of the trustless rainbow bridge on Near Protocol, things like this wouldn't have happened since it is well secured.

Maybe they're having a lose security and I suspect that there might be a sabotage happening between their staff and other key factorss that contribute to the security breaching that existed. On this situations, it brought everyone to come with fear specially the dedicated investors of Polynetwork which now merely affected because of this very serious disaster.

Reid

hero member

Activity: 2870

Merit: 642

I just recently read the whole thing too (although someone already posted about this days ago) and was shocked about the converted amount of money that was taken.
A recent update tells $260M of funds was already sent back because the hacker just did it "for fun". Not new, he did tip that in the comment section of the transaction that he doesn't care about the money.
Why attacks? It's a good thing and a bad thing. Good thing is to enhance their security to avoid the next attack. The bad thing is if the hacker won't give it back and the purpose is really for money.
Exchanges mostly propose hackathon events to see if their security is enough or if it needs to be tightened.

Traderbtcc

full member

Activity: 1190

Merit: 123

★Bitvest.io★ Play Plinko or Invest!

The news is everywhere, this is one risk DeFi still faces and it most likely one of the reasons why most people avoid it, when u hear things like this I feel bad cause it will only prolong the mass adoption of cryptocurrency, any normal individual who would hear such news would now be afraid of investing in any cryptocurrency, he will be afraid since he wouldn't like to lose his money to any hacks, security in the crypto space should be taken seriously, things like this shouldn't be happening I heard they use 03LABS cross Chain Bridge, if only they made use of the trustless rainbow bridge on Near Protocol, things like this wouldn't have happened since it is well secured.

asriloni

legendary

Activity: 3010

Merit: 1024

Leading Crypto Sports Betting & Casino Platform

Quote from: ?? on ??

Are the hackers really returned the hacked amount? That’s too impossible since they work to hacked the system and yet they’ll return it?

You can check it first before arguing it would not impossible or not. As long as the funds were still in the hacker's wallet and it can be sent to the anywhere try to take a look at this https://twitter.com/PolyNetwork2/status/1425509322126024708?s=20

You can track whole of address that already published by polynetwork

livingfree

hero member

Activity: 2786

Merit: 578

Quote from: Teknisi88 on August 12, 2021, 11:59:14 AM

With such an incident (security system hacking), it should be a lesson for anyone to always be aware of the account security system.
Because account security is very important in all areas of work.

It is important.

But some news got account related to this hacking incident. And that's a good news but still those hackers stole a huge money but who knows what will be the effect of this with those people hunting them.

Hacker Returns Nearly All $600 Million Stolen In Ethereum, Other Tokens After Major Crypto Heist

ShowOff

legendary

Activity: 2618

Merit: 1181

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

-snip-
Why this event can happen so as to create space for hackers, it's really unfortunate

The exchange hacking did not happen this time because previously quite a number of exchanges had been hacked. Not only exchange with low reputation, but also exchange with high reputation have been victims of hacking and suffered heavy losses. So it is natural for people to suggest “don't use exchanges as a place to store assets” because in reality the risk is hacking and losing asset. It is good that an exchange is willing to take responsibility for its weak security system, but remember that not all exchanges can do this unless the exchange has sufficient reserve fund.

So consider keeping it in a personal wallet. One more thing, entrusting your asset to be held on an exchange mean that you are willing to take this risk.

Teknisi88

full member

Activity: 1050

Merit: 104

Quote from: nicolas1979 on August 11, 2021, 06:21:27 PM

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

Yes. That's something bad happening in the crypto world. Indeed, many hackers try to attack blockchain security systems. But it is very rare for those who succeed. But most of the ones they managed to attack were exchange security systems. This time they tried to hack into PolyNetwork's security system, and they managed to break through. And bring bad impact for PolyNetwork.

With such an incident (security system hacking), it should be a lesson for anyone to always be aware of the account security system.
Because account security is very important in all areas of work.

efxtrader

full member

Activity: 924

Merit: 100

GoMeat - Digitalizing Meat Stores - ICO

It's very sad that the hacking continues to happen. There are many modes used by hackers and we have to be careful about saving our coins because the current crypto price continues to rise, making its value even higher. DeFi is interesting because it offers good returns but we should choose a trusted platform because if we choose carelessly, our coins can be hacked

asriloni

legendary

Activity: 3010

Merit: 1024

Leading Crypto Sports Betting & Casino Platform

Quote from: Princejebs on August 11, 2021, 03:08:59 PM

I don't know how authentic its, but it seems the hacker has returned 260 million so far.

Glad to see that at least a half of total funds that got affected already returned but honestly this problem has lost its credibility. The developer of this platform was also begging with the hackers lol

The security is very bad, people should withdrawn all of their money from that platform and never try to use poly network again.

It's probably the hacker was getting the key to access the hot wallet.

TimeTeller

hero member

Activity: 2716

Merit: 588

Quote from: Clavulanic on August 11, 2021, 06:29:24 PM

They should act seriously on this matter, because if they're not having negligence on this certain breaches I think this wouldn't burst out being hacked. $600 million was really painful to think of since it's a funding for Polynetwork which I am figuring out to be difficult to recover too fast This should be investigated if this was done by their staffs or an inside job happening.

With the amount of money involved, I wonder what was the previous security level of the platform.
The platform itself should be the one responsible with their security settings and should apply the highest security if possible.
They are holding the funds of users, and they are relying on their services.
Hope no inside job is involved in this case. And also, it demonstrates that even DeFi systems are really vulnerable to hacking.
People should know better how to secure their crypto assets.

But with the turn of events, wondering why the hackers are now returning what they stole (what triggers them to send it back?)
https://www.cnbc.com/2021/08/11/cryptocurrency-theft-hackers-steal-600-million-in-poly-network-hack.html

Topic: PolyNetwork Hacked, $600 million Lost - page 3. (Read 510 times)