Some $611 million worth of crypto assets have been stolen by cybercriminals using the multinational blockchain platform Poly Network.

A total of 9,468 in various crypto tokens valued at approximately $611 million were drained from the platform, including hundreds of millions of dollars worth of Ethereum and Binance coins.

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Poly Network urged cryptocurrency exchanges to “Blacklist Tokens” coming from the addresses linked to the hackers.

Also, it launched a preliminary internal investigation that found a vulnerability between the platform’s contract calls, which may have given cyber-criminals a way to steal the funds.

Law enforcement in any country will regard this as a major economic crime and you will be pursued, Poly Network said in an open letter, urging the culprits to negotiate a “solution” regarding the funds’ return.

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Following the news of the heist, the Tether crypto exchange announced it froze $33 million worth of its tokens that were taken in the hack.

Changpeng Zhao, CEO of major cryptocurrency exchange Binance, said his platform was coordinating with all our security partners to proactively help with returning the assets, but that “there are no guarantees” this could be achieved.

In a surprising twist, the hackers reportedly embedded a message to Poly Network in a cryptocurrency transaction on Wednesday, saying they were “ready to return” the funds.

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Some $4.8 million in cryptocurrency had been returned as of 11:00am GMT, the blockchain site said on Twitter. According to blockchain security experts SlowMist, the Poly Network hack was likely to be a long-planned, organized and prepared attack.

Poly Network is a transnational decentralized finance platform that operates on the Binance Smart Chain, Ethereum and Polygon blockchains, connecting them in one cyber-spot so that they can cut out intermediaries, such as brokerages and exchanges, and make coin transfers easier and cheaper.

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DeFi-related fraud has effectively skyrocketed this year, with 54% of total crypto fraud volume coming from DeFi platforms compared to a mere 3% for all of last year.

The volume of the assets stolen makes the Poly Network heist the largest in crypto history.

Prior to that, the infamous Mt. Gox hack of 2014 was considered the largest, netting thieves 850,000 bitcoin worth $450 million at the time, which led to the bankruptcy of the Mt. Gox exchange. Today’s value of bitcoin stolen from Mt. Gox exceeds $39 billion.

RT. com / ABC Flash Point News 2021.

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D4rkHeart
D4rkHeart
Guest
11-08-21 12:38

In a small country such as Portugal bank managers stole 8 billions euros from customers and other investors…And that was more than 10 years ago, banks steal billions every year no one cares.

APB
APB
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Reply to  D4rkHeart
12-08-21 09:05

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RT-Russia
RT-Russia
Guest
Reply to  APB
12-08-21 09:06

Over one-third of the $613 million in cryptocurrency stolen from blockchain platform Poly Network has been returned, with the hacker saying he did it for fun following one of the largest crypto heists ever.

CrabbyB
CrabbyB
Guest
11-08-21 12:40

Establishment fear tactics against crypto, usual mob will fall for it. Just keep on letting us print free paper money folks, we’ll even let you have 00000000000000000000000000000.1 % of it to share between you all.

APB
APB
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Reply to  CrabbyB
11-08-21 12:41

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Sarrseats
Sarrseats
Guest
11-08-21 12:41

Wall Street steals that much from the little guy every hour of every day.