By Lucas Williams
One of the most recent developments in the crypto world has been regarding the massive hack that took place a few days ago. A relatively well-known crypto token platform known as the Poly Network was hacked by a group of savvy crypto hackers.
This incident was unlike most hacking incidents that have occurred in the digital space. One of the main reasons is that this hack resulted in more than six hundred million dollars being stolen from the Poly Network.
Everybody in the crypto world, whether up and comers or seasoned experts were incredibly concerned by these developments. A major reason why people were so scared was that they thought that the crypto or any kind of digital asset they invested in was not in safe hands.
Believe it or not, some people even claimed that they planned to withdraw their respective crypto from the platform they entered them in. Needless to say, it was all and all a terrible situation.
However, the world of crypto received some good news after a bit. For those who don’t know, a sizeable chunk of the crypto tokens that were initially stolen got returned within just a few days. In case you have been following the news, you will be well aware of the fact that the hackers placed the stolen crypto-based tokens in three different wallets.
After hours and hours of negotiations, the hackers finally decided to give some of the money stolen by the Poly Network back. Sure, they did not return the complete amount that they stole, but it was still something. Initially, they only gave back a few thousand dollars.
As time passed, however, the amount increased, and eventually, the Poly network ended up getting more than half of the six hundred and ten million dollars stolen from them.
As you would expect, however, there are millions of Dollars that still remain outstanding and there is no telling when or if the hackers would return them. For the time being, the Poly Network remains grateful that it got a sizeable chunk of its crypto tokens back without too much inconvenience, all things considered. With all that said, this situation does shine a negative light on the crypto landscape.
It is further proof that crypto or any other type of digital asset for that matter is not safe. However, this does not mean that people should start abandoning the world of crypto right away. With more rules and regulations being imposed by various governments in the world, there is a good chance that incidents like these would eventually be eliminated.
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Since all of these cryptocurrency systems are completely running on the internet, it is easier for the hackers to hack them. People operating these systems need to make them more secure.
This is what most people fear when it comes to trading cryptocurrencies. These digital assets can easily be manipulated and hacked online. You can never fully trust the system.
How nice of them to at least return half of the stolen coins. Maybe they only took what they needed. Never mind, I am just being sarcastic here.