PolyNetwork Hacked, $600 million Lost

[Teknisi88]

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

[Yaunfitda]

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.

[viananda2525]

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.

[voteformeg]

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

[Jawhead999]

There's already existing topic with same discussion here, kindly to lock your topic https://bitcointalk.org/index.php?topic=5353878.0

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.

[Jercyhora2]

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.

[Ucy]

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.

[el kaka22]

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.

[jrrsparkles]

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.

#Not your keys not your cryptos

[yhiaali3]

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.

[Princejebs]

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.

[livingfree]

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.

[cabron]

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.

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.

[nicolas1979]

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.

[Clavulanic]

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

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.

[TimeTeller]

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

[asriloni]

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.

[efxtrader]

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

[Teknisi88]

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.

[ShowOff]

-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.