8/11/2021- 11:45 p.m.
The blockchain site Poly Network said hackers found a way into its system and then stole thousands of digital tokens with an estimated value of more than $600 million, making it perhaps the biggest cryptocurrency heist ever.
Poly Network is a Defi (meaning decentralized finance) provider that lets users move tokens on one blockchain to another network.
The company posted a letter to Twitter asking the thief to “establish communication” while simultaneously urging them to give back the stolen assets voluntarily.
The stolen currency broke down to about $267 million worth of Ether, $252 million worth of Binance coins, and about $85 million of USDC coins.
Binance’s chief executive, Changpeng Zhao, said that that company’s been informed of the hack. He added that Binance intends to do “as much as we can” but preceded that vow with a less assuring statement that said “there are no guarantees.”
The alleged hacker has been leaving notes alongside the transactions, which continued throughout Wednesday morning, in one instance saying: “Just dumped all assets on [blockchains] BSC & Polygon. Hacking for Good, I did save the project.”
In another message, the hacker included his cryptocurrency wallet address and asked for donations from those supporting his decision to return the stolen assets.
Legal action—and potential regulation—stemming from the hack.
Less than a week ago, SEC Chairman Gary Gensler said booming decentralized finance platforms, also known as DeFi, deserve more government scrutiny and likened the space to the “Wild West.”
According to crypto intelligence firm CipherTrace, more than 75% of cryptocurrency hacks this year have been linked to DeFi.
