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A crypto transfer firm admitted losing a whopping $600 million worth of digital currency to hackers that managed to crack the company’s security walls.     

On Tuesday, Poly Network admitted that attackers accessed their network, accounting for the highest fraud in crypto history. The company declares the stolen OxPolygon, BinanceChain, and Ethereum token. Investors might have to avoid holding such assets at the moment.

Poly Network addressed its hackers through a tweet stating that the hacking activity is the highest to be seen in DeFi history. They also encouraged the crypto community that suffered the loss.

Besides PolyNetwork threatening police involvements, it urged hackers to work out a solution to return the assets. How will hackers respond to such claims?

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Meanwhile, the FBI and the US DoJ failed to give an immediate response when requested to comment.

In multiple tweets, PolyNetwork expressed their sorrow on the attack. They also said that the fraudsters transferred the assets to hacker-controlled crypto accounts.

The crypto firm posted the hackers’ addresses and asked the affected miners to black-list coins from them. Though Poly Network did not respond to the amount stolen, Twitter users calculated and valued the loss at around $611 million.

The three addresses were:

  • Ethereum – $273 million
  • Binance – $253 million
  • Polygon – $85 million

By April end, CipherTrace estimated the crypto hack to total at around $423 million as far as 2021 is concerned.

CipherTrace warned that the number might be small but worth investors’ attention. Meanwhile, DeFi attacks seem on the rise, accounting for over 60% of crypto theft and hack volume.

Changpeng Zhao, Binance CEO, commented on the event also. He confirmed that their security partners would try any possible way to help. However, he did not guarantee success.

At the moment, hacking and theft remain a challenge on the cryptocurrency market. That is the reason most governments are now regulating the crypto market to secure investors. The best thing is that developers, exchange owners, and investors collaborate to ensure secured crypto undertakings.

Make sure to select crypto platforms with the best security to guarantee you a safe investment environment.

Stay around for future updates about the case.

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Nathan Ferguson

By Nathan Ferguson

Nathan Ferguson is a talented crypto analyst and writer at Herald Sheets, dedicated to delivering comprehensive news and insights on the ever-evolving digital currency landscape. With a strong background in finance and technology, Nathan's expertise shines through in his well-researched articles and thought-provoking analysis. He holds a degree in Economics from the University of Chicago, and his passion for cryptocurrency drives him to stay up-to-date with the latest industry trends and developments.