PolyNetwork Hacked, $600 million Lost

[Sithara007]

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.

LOL.. it is still too early to reach such a conclusion. From what I know about it, the hacker hasn't transferred back all of his coins. Some of the tokens like BUSD were frozen by the respective authorities, so he would not be able to move them. It is great news that the hacker decided to at least partially reimburse the coins, but it may or may not be out of good faith. What if I claim that he decided to transfer the coins back, after finding out that it is impossible for him to cashout? And the authorities have made it clear that legal action will be initiated against the hacker, irrespective of whether he reimburses his stolen loot or not.

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[asriloni]

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.

It seems like that all of amounts that got stolen by the hacker already sent back to the polynetwork's hotwallet. That's different case with kucoin. As far as I know that there are lots of money have not yet returned back to the kucoin caused by the hack. So many coins were doing contract migration to make the tokens that owned by the network become worthless and USDT already block the amounts that owned by the hacker as well.
Polynetwork seems a bit better caused by all of the funds can be returned.

[Erdogan]

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.

It seems like that all of amounts that got stolen by the hacker already sent back to the polynetwork's hotwallet. That's different case with kucoin. As far as I know that there are lots of money have not yet returned back to the kucoin caused by the hack. So many coins were doing contract migration to make the tokens that owned by the network become worthless and USDT already block the amounts that owned by the hacker as well.
Polynetwork seems a bit better caused by all of the funds can be returned.

Hopefully they can get everything back. It is a pity that such situations occur, because it gives strong tools of cryptocurrency opponents to scare people with how dangerous cryptocurrencies are. When Polynetwork recovers the funds, it would also be good to publicize it and show that it is not so easy for hackers to steal someone's cryptocurrencies.

[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.

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.

If the exchange has high integrity, they will be responsible for the system they develop. Binance was also hacked, but the investors' losses were returned by the exchange. But now the security level of the exchange site is very high. It's just that to prevent hacking, we don't keep most of the assets in one exchange.

[letyouearn]

I wonder why the hacker returned everything without even taking any reward for his efforts. Maybe he was affraid of his safety and thought they can track him somehow, when he decides to withdraw the prize.

[zasad@]

I wonder why the hacker returned everything without even taking any reward for his efforts. Maybe he was affraid of his safety and thought they can track him somehow, when he decides to withdraw the prize.

They wrote about this in the news that his IP address was found.
I'm not sure, of course, but I think that such hacks do not happen by accident. It was either someone from the development team who blabbed about the bug or team members took part in it.
Smartcontacts are not subject to change, so if an error is found, it is difficult to fix it.

[Srikanth Varma]

If you tracked last week's PolyNetwork hack and wondered what a liquidity pool was. Here's a primer as part of our special section: 1 minute crypto concepts

[vctr]

damn how do ppl still leave their money on some unknown exchanges

[electronicash]

damn how do ppl still leave their money on some unknown exchanges

its a defi platform, normally investors are going to stake/provide liquidity with their tokens to earn.

the team offered a job to this hacker as part of their security and hoping he would come out. he turned down the offer but this also means that they didn't really know him at all. he still didn't give everything that was taken from the network though.

[MFahad]

I wonder why the hacker returned everything without even taking any reward for his efforts. Maybe he was affraid of his safety and thought they can track him somehow, when he decides to withdraw the prize.

Do you mean that the hackers returned all those hacked funds back to the PolyNetwork team ? That's strange !!!

I didn't knew about this. Can you please share link to official news about this  ?

[JohnBitCo]

I wonder why the hacker returned everything without even taking any reward for his efforts. Maybe he was affraid of his safety and thought they can track him somehow, when he decides to withdraw the prize.

Do you mean that the hackers returned all those hacked funds back to the PolyNetwork team ? That's strange !!!

I didn't knew about this. Can you please share link to official news about this  ?

You can read more about this news here. According to the officials, 600$ million were stolen and all of the funds were returned back expect 33 Million tether. The more problem here is that the funds which are send back to the team, cannot be withdrawn as password from both Polynetwork and the hackers are required to access it. I don't know how this will be solved without compensating the hackers too.

Nearly all of the $600 million stolen in a huge crypto heist has been returned — but there’s a catch

[ranaprime]

Yes, That was happen before some days ago. It was a terrible news for polyNetwork. I got surprised when i have heard that hacker have no intention about the money but he finds the weak sides of the polyNetwork. Already large amount of money refunded after hacking.

[MFahad]

Yes, That was happen before some days ago. It was a terrible news for polyNetwork. I got surprised when i have heard that hacker have no intention about the money but he finds the weak sides of the polyNetwork. Already large amount of money refunded after hacking.

Even though they got the funds back but the damage has been done. People will never again trust the PolyNetwork as they trust them previously and they may never grow in price in the midterm. Perhaps people forget about it in few months and project may continue to grow. Let's see.

[eaLiTy]

They wrote about this in the news that his IP address was found.
I'm not sure, of course, but I think that such hacks do not happen by accident. It was either someone from the development team who blabbed about the bug or team members took part in it.

It was not an inside job and the IP is not found. He is a white hat hacker and he is not here to exploit and run away with the money like the other black hats and so is the reason he was willing to return the funds and he did not even take the bounty offered.

Here is the QA session with the anonymous hacker who hacked the Poly Network and he explains why he did the hack and why he is returning the funds.









The above is a screen shot taken from the QA session.

[ene1980]

^^It was a good read and i find it funny knowing the justification of the hack. I know that he is returning the funds but how many have he returned and it looks like he liquidated some coins and may be staking them  . Unless he returns everything you cannot say that he was trying to save the network from other exploits and he wants the funds to be safe .