$600 Million Worth Cryptocurrencies Stolen In A Massive Crypto Hack

Nearly $611 million was stolen in this crypto hack.

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Hackers breached the blockchain-based platform Poly Network and stole more than $600 million in cryptocurrencies on Tuesday. The stolen cryptocurrencies included Ethereum and BSC. Poly Network confirmed the breach via a Tweet on Tuesday.

The same crypto theft is being called the biggest haul in the history of digital funds. Likewise, this is the biggest hack ever in the decentralized finance (or DeFi) space. Poly Network is a platform that allows users to conduct business across blockchains.

One of the biggest Crypto hacks ever seen!

The critical takeaway behind blockchains is decentralized and doesn’t require any clearance from a central authority. Additionally, Poly Network claims that thousands of investors are affected by this crypto theft.

“We are sorry to announce that #PolyNetwork was attacked,” Poly tweeted on Tuesday. “We call on miners of affected blockchain and crypto exchanges to blocklist tokens coming from the above addresses,” said Poly Network displaying the addresses involved in the hack.

Since then, Poly Network and others have been trying to recover the assets and communicate with the hackers. Ethereum is the most affected cryptocurrency in the hack. Hackers stole $273 million worth of Ethereum coins among other tokens such as Binance Smart Chain and USDC tokens on the polygon network.

So far, Tether’s issuer has frozen about $33 million of the stolen stable coin, Tether. The attack came into being right when the crypto market started to relapse after its crash back in May.

“We are aware of the poly. network exploitation that occurred today. While no one controls BSC (or ETH), we coordinate with all our security partners to proactively help. There are no guarantees. We will do as much as we can,” said Changpeng Zhao, CEO of Binance, in a tweet.

However, DeFi-related hacks have accounted for over 60 percent of all crypto hacks over the past year, which has increased over time.

Siddharth Dudeja

Siddharth Dudeja

An engineering student with a keen interest in most aspects of technology. Likes to write about Microsoft, Apple, Laptops, Gaming, etc.

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