The hackers returned the stolen cryptocurrency in a ‘joke’

Maga Cloud
3 min readOct 24, 2021

The decentralized finance platform PolyNetwork, which facilitates cryptocurrency transactions, said on Twitter that hackers had returned 26 260 million of the 61 613 million stolen, but now 353 million They also have.

Hackers involved in the biggest ever cryptocurrency robbery have returned digital coins worth more than a third of the 61 613 million stolen.

The decentralized finance platform PolyNetwork, which facilitates cryptocurrency transactions, said on Twitter that hackers had returned 26 260 million of the 61 613 million stolen, but now 35 353 million. They also have.

Hackers took advantage of a vulnerability in the system that allows assets to be transferred between different blockchains.

Blockchains are ledgers for financial activities based on various cryptocurrencies and each type of virtual currency such as ether and bitcoin has its own personal blockchain.

According to joint digital messages shared by crypto tracking firm Elliptic and China Ellis, one of the hackers claimed to have done so merely as a “joke” aimed at someone else. This ‘weakness in the system can be exposed before taking advantage of.

The alleged hacker added: “I always intended to return this token. I’m not very interested in money. “

In a Q&A session on Ethereum Blockchain, the hacker claimed that he did not want to create real panic in the world of corruption, so he used only major cryptocurrencies, such as bitcoins, instead of dodge coins. Aether was targeted.

One or more hackers involved in the incident could not be identified and their authenticity was not confirmed.

Tom Robinson, co-founder of Elliptic, said the decision to return the money could be due to the problems posed by such widespread cryptocurrency laundering.

An executive at the cryptocurrency firm Tether said in a tweet that the company had frozen تین 33 million in hacking money, and executives at other crypto exchanges told PollyNetwork that they could also help. Will try

“Although you can steal corrupt assets, the transparency of blockchain and the widespread use of blockchain analytics by financial institutions make it extremely difficult for them to cash out and launder money,” said Robinson.

PolyNetwork did not respond to requests for comment. Furthermore, it was not immediately clear where the platform was located or whether a law enforcement agency was investigating the theft.

The theft is being compared to hacking at the Tokyo-based Exchange Coin Check, where کروڑ 530 million worth of cryptocurrency was stolen in 2018.

The Tokyo-based Mitt Gox Exchange sank in 2014 after losing half a billion dollars in bitcoin.

According to the crypto intelligence company Cypher Trace, the attack on the poly network is the biggest loss to date in terms of theft, hacking and fraud decentralized finance (DeFi).

However, the theft of ڈالر 600 million from the poly network is much higher than other criminal losses of 47 474 million. These thefts have highlighted the dangers of an unorganized sector in the system and have attracted the attention of regulators.

The theft comes as the last three weeks have seen a 50 per cent rise in the value of the bitcoin.

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Maga Cloud

Maga Cloud is a Pakistani online newspaper focusing on high-tech news and Emerging Technologies. It was founded in March 2022