December 6, 2023

The Queens County Citizen

Complete Canadian News World

Record cryptocurrency theft: Hacker returns part of the robbery

Record cryptocurrency theft: Hacker returns part of the robbery

(Photo: 123RF)

The man responsible for the record-breaking cryptocurrency theft began hacking digital tokens, with the Poly Network, a decentralized finance company, estimated to be worth more than US $ 600 million in the scam.

The company tweeted that the “total value of assets returned by the hacker” was $ 4.77 million. However, according to various crypto-asset research organizations such as The Black, more than 250 million were returned as of Wednesday morning.

Robbery and theft were reported on Tuesday by the Poly Network, which includes tokens from Ethereum, BinanceChain and OxPolygon. Experts at The Block put the value at US $ 611 million.

In a letter to hackers posted on Twitter on Tuesday, Polly Network asked hackers to “hand over assets”.

“The amount of money you hacked is the largest in the history of decentralized finance,” the company said. “This money came from tens of thousands of members of the crypto community.”

The company published addresses used by hackers and called for the “blacklisting” of cryptocurrency wallet holders.

Slomist, a cybersecurity firm, said it was in the path of hackers. “Our team found the attacker’s email, his IP and digital traces,” she wrote on her blog.

– Ethical hacker? –

Bitcoins and other crypto-assets transfers depend on technology – blockchain or “blockchain” – and a philosophy: to do without intermediaries such as banks, transactions take place directly from consumer to consumer. Hence the case is closely followed by decentralized finance actors.

“Instead of exploitation, become an ethical hacker! For the future of decentralization, it is important for you to authenticate blockchain and crypto and make them more secure!”

READ  Elon Musk bought a new private jet worth over $100 million

“I’m offering a 5-10% reward for crypto hacks,” Benomiapool replied. “It could be a win-win solution: hackers don’t go to jail. Society suffers acceptable losses. The code is improving.”

The so-called “white hat” pirate practices have been promoted by some industries. For companies or organizations, these hackers are there to detect flaws in their systems and then offer rewards for strengthening them.

“The authorities of any country will consider your misdeeds a major financial crime and you will be prosecuted. (…) You must speak with us to find a solution,” the Polly Network emphasized in its letter.

By the end of April, cryptocurrency thefts, hacks and scams totaled $ 432 million, according to CipherTrace.

“This number may seem small compared to previous years, but if we look in more detail, we will notice a worrying trend: hacks now represent more than 60% of the total volume in decentralized finance,” the firm said.

About The Author