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Poly Network attack: crypto hackers steal $ 600 million

Status: 11.08.2021 9:44 a.m.

Thefts are not uncommon in the crypto world – but this may have a new dimension: hackers stole crypto currencies worth around 600 million dollars in an attack in the USA.

The US company Poly Network has become a victim of cyber criminals. The company, which specializes in the transfer of crypto currencies, announced on the short message service Twitter that strangers had cracked their security measures and diverted the deposits of “tens of thousands” of customers to accounts they controlled.

At least $ 600 million away

According to calculations by Twitter users such as cybersecurity researcher and Ethereum expert Mudit Gupta, the value of the stolen tokens is around $ 600 million. Poly Network has since confirmed that it has lost at least $ 600.3 million of its funds.

The affected company itself and many users in the crypto community speak of the biggest crypto theft in history.

Various blockchains affected

According to “Cryptonews”, the hackers captured $ 273 million from Ethereum – the associated motto, ether, is the second largest cryptocurrency after Bitcoin -, around $ 253 million from the Binance Smart Chain and around $ 85 million from the Polygon network. This was shown by the blockchain data from the respective networks.

What is a blockchain?

A blockchain is basically a distributed database. The technology can also be used for many areas beyond crypto currencies, for example in the processing of contracts or logistics processes.

Poly Network targets hackers

“Dear hackers,” wrote Poly Network on Twitter. “We would like to contact you and ask you to return the assets that you hacked.”

The company continued, “The authorities in each country will consider your wrongdoing a serious economic crime and you will be prosecuted.” The hackers should speak to the company “to find a solution”.

For the time being, Poly Network called on other companies in the industry to avoid so-called tokens from the Ethereum blockchain, Binance Chain and the Polygon network.

Crypto thefts are more common

Originally intended as an alternative means of payment to the “fiat” money issued by the central banks and not linked to the price of a commodity, cryptocurrencies today primarily serve as an object of speculation and an investment.

Thefts and hacker attacks are not uncommon in the crypto world. According to a report by the company CipherTrace, cryptocurrencies worth a total of $ 432 million were lost through theft, hacker attacks and fraud this year up to and including July.

The hacks, thefts and frauds in the decentralized financial markets (DeFI) in the first eight months of 2021 exceeded the total DeFi crimes of 2020, CipherTrace boss Dave Jevans told Reuters.


August 11, 2021 • 11:50 am

Just a “diversion”

“The company specializing in the transfer of cryptocurrencies [das US-Unternehmen Poly Network, das hier Opfer von Cyberkriminellen geworden ist (nicht wenige dürften sagen: ausgerechnet] announced on the short message service Twitter that strangers had cracked their security precautions and diverted the deposits of “tens of thousands” customers to accounts controlled by them “Aptly summarize. It should have become clear by now: As long as it allows anyone to control the” deposits “of others, the whole blockchain technology on which the crypto currencies are based is either no good or – what I suspect – it will not be correct or not . not in the sense of all market participants (this does not mean the “investors” on crypto or other exchanges, but all those who are economically active in any form in the world!).

Hasan Sheikh
Hasan, who loves technology and games, is studying Computer Engineering at Delhi JNU. He has been writing technology news since 2016.


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