Over $600m cryptocurrency stolen in Cyber Attack


Hackers have stolen more than $600m cryptocurrency through a vulnerability in the systems of Blockchain site Poly Network. And as per a tweet released by the company, the hackers are ready to negotiate and release the stolen currency, if they are offered something lucrative.

Poly Network offers an interoperability protocol that helps connect different blockchain networks. And it released an official statement that the stolen $611,000,000 currency was transferred to 3 digital wallets that could be emptied at any time. And is urging the miners of the affected blockchains- BinanceChain, Ethereum and Polygon to neutralize the tokens that come from the detected addresses.

However, as per the report released by Slowmist- that keeps a tab on Blockchain ecosystem security, the good news is that the cross-chain platform has an email ID, IP address and some whereabouts of the cyber crooks that could be used to track them down by the law enforcement as it seems like a largest economic crime.

Note 1- Storage of cryptocurrency is turning risky these days as countries like China and North Korea are found employing hackers to break into the exchange websites, e-wallets and lending platforms to steal various Cryptocurrencies like Bitcoins, Ethereum(Ether) and Monero.

Note 2- Out of all Bitcoins, shortly called as BTC are turning highly lucrative to cyber crooks, as the currency value against dollar is highly volatile. However, the BTC trading through blockchain is no more anonymous these days as some companies have come up with software tools that can track the transactions taking place in the said currency from wallet to wallet; thus making it easy for the law enforcement to nab the criminals involved various law-breaking crimes by accepting Bitcoins currency.

Naveen Goud
Naveen Goud is a writer at Cybersecurity Insiders covering topics such as Mergers & Acquisitions, Startups, Cyber Attacks, Cloud Security and Mobile Security

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