. Unless he returns everything you cannot say that he was trying to save the network from other exploits and he wants the funds to be safe . 
Topic: PolyNetwork Hacked, $600 million Lost (Read 537 times)
^^It was a good read and i find it funny knowing the justification of the hack. I know that he is returning the funds but how many have he returned and it looks like he liquidated some coins and may be staking them . Unless he returns everything you cannot say that he was trying to save the network from other exploits and he wants the funds to be safe .
. Unless he returns everything you cannot say that he was trying to save the network from other exploits and he wants the funds to be safe . They wrote about this in the news that his IP address was found.
I'm not sure, of course, but I think that such hacks do not happen by accident. It was either someone from the development team who blabbed about the bug or team members took part in it.
It was not an inside job and the IP is not found. He is a white hat hacker and he is not here to exploit and run away with the money like the other black hats and so is the reason he was willing to return the funds and he did not even take the bounty offered.I'm not sure, of course, but I think that such hacks do not happen by accident. It was either someone from the development team who blabbed about the bug or team members took part in it.
Here is the QA session with the anonymous hacker who hacked the Poly Network and he explains why he did the hack and why he is returning the funds.
The above is a screen shot taken from the QA session.
Yes, That was happen before some days ago. It was a terrible news for polyNetwork. I got surprised when i have heard that hacker have no intention about the money but he finds the weak sides of the polyNetwork. Already large amount of money refunded after hacking.
Even though they got the funds back but the damage has been done. People will never again trust the PolyNetwork as they trust them previously and they may never grow in price in the midterm. Perhaps people forget about it in few months and project may continue to grow. Let's see.
Yes, That was happen before some days ago. It was a terrible news for polyNetwork. I got surprised when i have heard that hacker have no intention about the money but he finds the weak sides of the polyNetwork. Already large amount of money refunded after hacking.
I wonder why the hacker returned everything without even taking any reward for his efforts. Maybe he was affraid of his safety and thought they can track him somehow, when he decides to withdraw the prize.
Do you mean that the hackers returned all those hacked funds back to the PolyNetwork team ? That's strange !!!
I didn't knew about this. Can you please share link to official news about this ?
You can read more about this news here. According to the officials, 600$ million were stolen and all of the funds were returned back expect 33 Million tether. The more problem here is that the funds which are send back to the team, cannot be withdrawn as password from both Polynetwork and the hackers are required to access it. I don't know how this will be solved without compensating the hackers too.
Nearly all of the $600 million stolen in a huge crypto heist has been returned — but there’s a catch
I wonder why the hacker returned everything without even taking any reward for his efforts. Maybe he was affraid of his safety and thought they can track him somehow, when he decides to withdraw the prize.
Do you mean that the hackers returned all those hacked funds back to the PolyNetwork team ? That's strange !!!
I didn't knew about this. Can you please share link to official news about this ?
damn how do ppl still leave their money on some unknown exchanges
its a defi platform, normally investors are going to stake/provide liquidity with their tokens to earn.
the team offered a job to this hacker as part of their security and hoping he would come out. he turned down the offer but this also means that they didn't really know him at all. he still didn't give everything that was taken from the network though.
damn how do ppl still leave their money on some unknown exchanges
If you tracked last week's PolyNetwork hack and wondered what a liquidity pool was. Here's a primer as part of our special section: 1 minute crypto concepts
I wonder why the hacker returned everything without even taking any reward for his efforts. Maybe he was affraid of his safety and thought they can track him somehow, when he decides to withdraw the prize.
They wrote about this in the news that his IP address was found.I'm not sure, of course, but I think that such hacks do not happen by accident. It was either someone from the development team who blabbed about the bug or team members took part in it.
Smartcontacts are not subject to change, so if an error is found, it is difficult to fix it.
I wonder why the hacker returned everything without even taking any reward for his efforts. Maybe he was affraid of his safety and thought they can track him somehow, when he decides to withdraw the prize.
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
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.
Because account security is very important in all areas of work.
If the exchange has high integrity, they will be responsible for the system they develop. Binance was also hacked, but the investors' losses were returned by the exchange. But now the security level of the exchange site is very high. It's just that to prevent hacking, we don't keep most of the assets in one exchange.
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.
It seems like that all of amounts that got stolen by the hacker already sent back to the polynetwork's hotwallet. That's different case with kucoin. As far as I know that there are lots of money have not yet returned back to the kucoin caused by the hack. So many coins were doing contract migration to make the tokens that owned by the network become worthless and USDT already block the amounts that owned by the hacker as well. Polynetwork seems a bit better caused by all of the funds can be returned.
Hopefully they can get everything back. It is a pity that such situations occur, because it gives strong tools of cryptocurrency opponents to scare people with how dangerous cryptocurrencies are. When Polynetwork recovers the funds, it would also be good to publicize it and show that it is not so easy for hackers to steal someone's cryptocurrencies.
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.
It seems like that all of amounts that got stolen by the hacker already sent back to the polynetwork's hotwallet. That's different case with kucoin. As far as I know that there are lots of money have not yet returned back to the kucoin caused by the hack. So many coins were doing contract migration to make the tokens that owned by the network become worthless and USDT already block the amounts that owned by the hacker as well. Polynetwork seems a bit better caused by all of the funds can be returned.
Seems they're not aware of hacking issue, and they just let those hacker to steal that kind of amount.. I know every thing here in crypto space are hackable but i think if you're really aware of such issues, perhaps you will make a way to secure anything especially the funds wherein while it's not late. But see what happen because of being lack of consideration, there's no way that they can recover those massive amounts..
fortunately this hacker have good attitude to send back they money, they prefer to give warning about security system rather than take this money. it could be important experience for all developers team to make sure their network were totally audited and have high security from any attack.LOL.. it is still too early to reach such a conclusion. From what I know about it, the hacker hasn't transferred back all of his coins. Some of the tokens like BUSD were frozen by the respective authorities, so he would not be able to move them. It is great news that the hacker decided to at least partially reimburse the coins, but it may or may not be out of good faith. What if I claim that he decided to transfer the coins back, after finding out that it is impossible for him to cashout? And the authorities have made it clear that legal action will be initiated against the hacker, irrespective of whether he reimburses his stolen loot or not.
fortunately this hacker have good attitude to send back they money, they prefer to give warning about security system rather than take this money. it could be important experience for all developers team to make sure their network were totally audited and have high security from any attack.
No, they don't have a good attitude they should not do any form of hacking if they want to test the platform they should first ask permission from the management, this hacking cause so much concern on users and the market as well, this is such a bad alibi and they want to escape persecution because they are traced and they have been warned that they will be persecuted to whatever country they run, this is a big lesson to would-be hackers, if you don't have a perfect plan of escape don't ever think of, the security of every exchange should be their high priority, they should not stop from updating and upgrading. 
Seems they're not aware of hacking issue, and they just let those hacker to steal that kind of amount.. I know every thing here in crypto space are hackable but i think if you're really aware of such issues, perhaps you will make a way to secure anything especially the funds wherein while it's not late. But see what happen because of being lack of consideration, there's no way that they can recover those massive amounts..
fortunately this hacker have good attitude to send back they money, they prefer to give warning about security system rather than take this money. it could be important experience for all developers team to make sure their network were totally audited and have high security from any attack. When more hacks are reported, people will lose the confidence in digital currency. Anyways the only thing we can do is to keep funds out of exchange.
Since cryptocurrencies exist only in the digital form, and for the most part users are anonymous, the incidents of hacking will be more frequent. The only real solution is not to store your coins in exchange wallets (for traders, I would recommend using decentralized exchanges). There have been numerous hacks ever since mainstream exchanges came in to the picture for the first time in 2011. And in less than 5% of the cases, any of the stolen coins were recovered. Once stolen, the chances of recovery is very low.
Seems they're not aware of hacking issue, and they just let those hacker to steal that kind of amount.. I know every thing here in crypto space are hackable but i think if you're really aware of such issues, perhaps you will make a way to secure anything especially the funds wherein while it's not late. But see what happen because of being lack of consideration, there's no way that they can recover those massive amounts..
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.
When did this Kucoin hacked happened ? Did it happened recently or were you referring to any past incident ? I always have the feeling that exchanges are most of the time involved in insiders job.
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.
When more hacks are reported, people will lose the confidence in digital currency. Anyways the only thing we can do is to keep funds out of exchange.
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.
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.
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.
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.
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. 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:)
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.
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?
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
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.
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.
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).
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?
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. 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:)
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
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
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.
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. 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
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:)
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:)
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.
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.
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.
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.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. 
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.
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. 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
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.
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!
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!
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.
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. 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
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.
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.
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.
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
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.
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. 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.
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.
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.
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.
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.
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.
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
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. Because account security is very important in all areas of work.
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
-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.Why this event can happen so as to create space for hackers, it's really unfortunate
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.
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
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.
Because account security is very important in all areas of work.
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
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 lolThe 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.
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
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
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
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.
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
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.
And all they can do now is plead to the hackers to return that $600 million.
And I think the community is very vocal about it, I mean we have reminded many times that crypto market is really open for this criminals and projects really not to be on the watch for this hackers.
Although some of them have been frozen, like the $33 million from Tether, still this criminals are smart and can hide the trail so I doubt that they will return it and it will take a lot of efforts from the investigators to uncover who are the people behind.
And I think the community is very vocal about it, I mean we have reminded many times that crypto market is really open for this criminals and projects really not to be on the watch for this hackers.
Although some of them have been frozen, like the $33 million from Tether, still this criminals are smart and can hide the trail so I doubt that they will return it and it will take a lot of efforts from the investigators to uncover who are the people behind.
An article from cointelegraph says the hacker is willing to return the $600 but only gave 1% of it.
If the Chinese cybersecurity firm SlowMist had identified the attacker's email address, IP address, and device fingerprint then they know who this hacker is and can track where he is.
This will surely affect the whole industry, hacking news usually has bad effects on the crypto market. Hopefully, the investors will not be at a loss and the developers will find a way to freeze the contracts of the stolen crypto tokens. It is never safe to hold the money on the exchanges, the similar hack news can melt millions of dollars faster than the blink of an eye.
Not anymore, we got used to it since it happens all the time in crypto. There are people who stole money as bold as shutting down an exchange.
I wasn't surprise that there's another hack that happens. Hackers, they're targeting these projects that are vulnerable to attacks.
$600M is such a huge amount and we're not new to reading these headlines because they really do happen. I don't know this project but for sure many of its investors are disappointed with this.
So it's better to check those projects you invest first with your hard earned money.
$600M is such a huge amount and we're not new to reading these headlines because they really do happen. I don't know this project but for sure many of its investors are disappointed with this.
So it's better to check those projects you invest first with your hard earned money.
DeFi is still new to everyone including the earlier projects who introduced decentralized finance. Look at yearn finance for example, it was exploited twice and funds till today are yet to be fully discovered even though it was later patch up.
Most of the new projects that are coming up are so hyped that we sometimes forget to do investigations and necessary before pouring money into them, everyone don't want to miss out. It's sad and embarrassing when somehow anonymously take away your savings that's why it's good to invest with due diligence.
I don't know how authentic its, but it seems the hacker has returned 260 million so far.
Most of the new projects that are coming up are so hyped that we sometimes forget to do investigations and necessary before pouring money into them, everyone don't want to miss out. It's sad and embarrassing when somehow anonymously take away your savings that's why it's good to invest with due diligence.
I don't know how authentic its, but it seems the hacker has returned 260 million so far.
Yes, this story caused a sensation in the crypto world and the media became busy with it, now there is a new update in the story because the hacker returned the stolen money to the network after the PolyNetwork team begged him to return the stolen money to people, this is a really strange story this hacker really deserves admiration first because His brilliant intelligence and ability to hack the network through a security vulnerability and secondly because he turned out to have noble morals and returned the stolen money he probably had no intention of stealing in the first place.
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 happened yesterday or even before that it depends on the which time zone you are located in, hacks are always there so never store your cryptos in any platforms no matter how secure they claim to be.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
#Not your keys not your cryptos
At the end of the day anything that people put their money into could be hacked and it will keep being like that for a long time, just because we trust Binance doesn't mean that someone can't steal billions from them neither, this is just game of "let's see how long it will take before it's gone" at this current stage, as long as there are not enough law enforcement on it, then it will keep being like this.
If the hackers of anything, for example this one, gets jailed for a very long time, and punished incredibly harshly, then maybe we will see some changes but even in the fiat world people scam each other all the time. What I think will happen is that people will forget about this in a month tops, only the people who lost money will remember, and eventually this will end up being nothing at all in the future, which I believe we are on the way already on day two.
If the hackers of anything, for example this one, gets jailed for a very long time, and punished incredibly harshly, then maybe we will see some changes but even in the fiat world people scam each other all the time. What I think will happen is that people will forget about this in a month tops, only the people who lost money will remember, and eventually this will end up being nothing at all in the future, which I believe we are on the way already on day two.
I guess we could say this has nothing to do with Crypto once any important ideal/principle guiding True Crypto is ignored. An unconfirmed report concerning the hack says the money (probably people's money) wasn't kept safe or controlled in decentralized manner... It would have been difficult for the hacker if it was controlled by multiple people...
People should always pay attention to crypto ideals before investing. Be very careful with projects violating them.
People should always pay attention to crypto ideals before investing. Be very careful with projects violating them.
It's true that we can't get away the fact that the hackers are evolving into more destructive as the time past. That's why we should learn how to spot great teams in where we invest our funds. It's important to minimize loss in long term investing, and I'm quite sure that this will have a huge impact to the society of investors.
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.
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.
we are still all so early in this cryptosphere , and money can be earned easy and can be lost easy , i understand that people earning huge ammounts by putting money in defi projects , i was always a little scared for all the new concepts and will never put large amounts in new opportunity's , better earn a little then loose a lot
but i feel with them , it is a bad thing that just happened
but i feel with them , it is a bad thing that just happened
another hacking accident happen again to cryptocurrency market and alot investors harmed. this accident show to us how modern the hacking technique now. alot trick and strategy to exploits any weekness that occur. but so far polynetwork dev team working fastly to flag the hackers address to it will minimize the hacker movement.
And all they can do now is plead to the hackers to return that $600 million.
And I think the community is very vocal about it, I mean we have reminded many times that crypto market is really open for this criminals and projects really not to be on the watch for this hackers.
Although some of them have been frozen, like the $33 million from Tether, still this criminals are smart and can hide the trail so I doubt that they will return it and it will take a lot of efforts from the investigators to uncover who are the people behind.
And I think the community is very vocal about it, I mean we have reminded many times that crypto market is really open for this criminals and projects really not to be on the watch for this hackers.
Although some of them have been frozen, like the $33 million from Tether, still this criminals are smart and can hide the trail so I doubt that they will return it and it will take a lot of efforts from the investigators to uncover who are the people behind.
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
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
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