PolyNetwork Hacked, $600 million Lost

[zasad@]

Welcome to this thread if you love reading about hacks.
https://bitcointalk.org/index.php?topic=5267124.0
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:)

[1714868815]

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[Rexler]

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.

[kurniawan05]

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.

[VanDeinsberg12]

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

[cryptobrzy]

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

[goaldigger]

Welcome to this thread if you love reading about hacks.
https://bitcointalk.org/index.php?topic=5267124.0
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.

[Jercyhora2]

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?

[Sithara007]

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).

[tabas]

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.

[JohnBitCo]

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

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.

[Deblocoin]

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?

[Teknisi88]

Welcome to this thread if you love reading about hacks.
https://bitcointalk.org/index.php?topic=5267124.0
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.

Hackers are geniuses.
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.

[Gayong88]

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.

[Erdogan]

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.

[smyslov]

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.

[JohnBitCo]

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.

[Ararbermas]

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..

[Sithara007]

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.

[viananda2525]

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.

[robelneo]

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.