Hackers Steal $ 600 Million In Cryptocurrency Burglary – Then Think About It

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A cyber thief or group of unknown hackers return some of the money after stealing around $ 611 million from a cryptocurrency exchange in what is called one of the biggest heists of its kind.

The company, called Poly Network, disclosed the incident in a Tweeter late Tuesday. In a separate statement posted on Twitter, Poly Network begged the hacker (s) to “return the pirated assets.”

“The biggest part of the challenge is the amount of money you hacked [decentralized finance] story, “Poly Network said.” The money you stole comes from tens of thousands of members of the crypto community, hence people. “

The advocacy seemed to work. Shortly after the theft, the company said it received a message saying the funds would be returned, but not how much. Poly Network said it told hackers where to send the stolen cryptocurrency. As of Wednesday afternoon, the person (s) behind the hack had returned $ 260 million, Reuters reported.

Xiamen Slowmist Technology, a China-based blockchain security company, said it discovered the hacker’s IP address and email information. In a blog post for Medium, the company explained how the hacker executed the attack. Cybercriminals have taken advantage of a vulnerable spot in Poly Network’s code, where hackers can send cryptocurrency to each other undetected, Slowmist concluded.

The Poly Network incident is the latest in a series of cybercrimes this year, experts have said. Hackers stole at least $ 474 million between January and July, according to a report by cryptocurrency compliance firm CipherTrace.

As cybercrimes proliferate, the new chairman of the Securities and Exchange Commission, Gary Gensler, has said it is time to put protections in place around the cryptocurrency market. Gensler told a security forum in Washington earlier this month that cryptocurrency is “riddled with frauds, scams and abuse“and is” more like the Old West “.

The largely unregulated crypto space

Although growing in popularity, digital currencies like bitcoin have remained largely unregulated in the United States and, with the exception of China, in other countries. Gensler said cryptocurrencies are unregistered securities that are not subject to market surveillance or proper disclosures to educate investors. This leaves prices open to manipulation and investors unprotected, he said.

Although the SEC has filed and won dozens of cases against fraudstersGensler said the agency needed more authority from Congress to regulate the crypto markets.

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