August 10, 2021 By Pierluigi Paganini
The cross-chain protocol Poly Network has been hacked, threat actors stole $611 million making this hack the largest DeFi hack to date.
The cross-chain protocol Poly Network disclose a security breach, threat actors have stolen over $611 million in cryptocurrencies.
The attackers have transferred hundreds of million dollars worth of Binance Chain, Ethereum, and Polygon assets into their wallets.
The Poly Network protocol allows swapping tokens across multiple blockchains, including Bitcoin and Ethereum and Ontology.
The assets has stolen $273 million worth of Ethereum tokens, $253 million in tokens on Binance Smart Chain and $85 million in USDC on the Polygon network.
“Since the theft, Tether has blacklisted the USDT on Ethereum that was stolen in the attack, roughly $33 million in tokens. That means they can no longer be moved. (USDT is a centralized stablecoin that can be frozen at will by the company behind it, similar to other stablecoins like USDC.)” states TheBlockCrypto website.
Researcher Igor Igamberdiev from the The Block speculates that the root cause of the hack was a cryptographic issue, in the cryptocurrency protocol, what is a rare case.
Blockchain security firm SlowMist issued an alert announcing that they have already determined the attacker’s ID. The experts claim to have discovered the attackers email address, IP information and device fingerprint.
The threat actors have employed the following wallets:
Some cryptocurrency exchanges announced they are aware of the hack and will do all the best to identity and block illegal transactions associated with the hack.
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By Global Times Published: Mar 11, 2021 05:58 PM
The Weibo accounts of three major Bitcoin trading exchanges, Huobi, OKEx and Binance were deactivated on Thursday, triggering concerns over tightening regulation on cryptocurrency in China.
On Thursday, the account for Huobi, a Hong Kong-based Bitcoin trading platform was unable to be displayed. A Weibo statement shows that the account had “abnormal practices”, and contains safety risks. The accounts for OKEx and Binance appear to be deleted.
A spokesperson from Huobi responded to Global Times on Thursday that the issue has just came to their attention, and that they are “actively communicating with Weibo” on the matter.
The price of Bitcoin dropped around 0.20 percent on Thursday after the news broke out. Price of Ethereum dropped about 4 percent.
In early 2020, China’s financial authorities banned exchanges of cryptocurrency in the country. Major trading exchanges, including Bitcoin China, HUobi and OKCoin issued statements saying that they would suspend registration and top-up service in renminbi. Other crypto exchanges also issued similar statements.
In April 2019, China’s top economic planning agency the National Development and Reform Commission (NDRC) released a catalogue of industries that it would support, restrict or eliminate. The catalogue listed “mining” activities for Bitcoin and other virtual currencies as an area to be “eliminated.” It was later removed from the list.
In March, authorities in North China’s Inner Mongolia Autonomous Region, one of the areas with the most virtual currency mines, proposed that it will eliminate virtual currency mining by the end of April, according to local market regulator.
First they knocked Daily Stormer offline. That was the first shot fired. I have a sick feeling that a cryptocurrency confiscation will be the next ADL-driven attack.