Cryptocurrency company deplores $600 million theft

On Tuesday, a cryptocurrency exchange company decried that hackers had breached its security and could have obtained record loot, worth up to $600 million.

Poly Network has called on merchants using cryptocurrency “wallets” to reject stolen Ethereum, BinanceChain and OxPolygon tokens.

“The amount of money they hacked is the largest in Davey’s history,” wrote Poly Network on Twitter, referring to the decentralized finance system in which cryptocurrencies operate.

“The money they stole belonged to tens of thousands of members of the crypto community.”

Poly network threatened to go to the police, but also offered the hackers the opportunity to “find a solution”.

The US Department of Justice and the FBI did not immediately respond to requests for comment on the case.

“We regret to announce that #PolyNetwork has been attacked,” the company said in a series of tweets, and the assets were transferred to the hacker’s accounts.

The Poly Network published the online addresses used by hackers and called on “miners from the affected block chains and cryptocurrency traders to veto the tokens” coming from those addresses.

Poly Network did not respond to an AFP request for comment, but Twitter users estimated the scale of the theft at up to $600 million.

At the end of April, cryptocurrency thefts, hacking and fraud totaled approximately $432 million, according to an analysis by CipherTrace.

“This number appears small compared to previous years, but a deeper look reveals a worrying trend: Challenge-related attacks now account for more than 60% of all burglaries and hacking,” a CipherTrace report detailed.

In 2019, Defi hacks were almost non-existent, according to CipherTrace.