A cryptocurrency heist hacker returns $260 million in funds

238

cryptocurrency: The hacker behind the biggest cryptocurrency looters has returned half of the nearly $ 600 million (£ 433 million) stolen assets.

Yesterday, the Blockchain platform Poly Network wrote a letter on Twitter asking them to contact the person “to work for a solution”.

cryptocurrency
A cryptocurrency heist hacker returns $260 million in funds

The website claims that the hacked money is the “biggest” incident so far in the decentralized finance industry.

But at 18:28 BST on Wednesday, Polly Network reported receiving $ 260 million.

The Poly Network posted on Twitter that it had sent digital tokens for three crypto-currencies, including $ 3.3m worth of Ethereum, $ 256m worth of Binance Smart Chain (BSC), and $ 1m worth of polygons.

A total of $ 269m in Ethereum tokens and $ 84m in polygon tokens have not yet been recovered.

The hacker took one of the blockchains to publish a three-page long question and answer session, where he essentially “interviewed himself,” said Tom Robinson, co-founder of Elliptic, London-based blockchain analytics and compliance firm.

The hacker decided to return the stolen property because he “did not show much interest in the money”.

“I know it hurts when people are attacked, but shouldn’t they learn something from those hacks?” He wrote in a note posted to Blockchain.
The hacker added that it took him overnight to find the possibility of being robbed. He said he was concerned that the Poly Network would quietly patch up a security flaw without telling anyone, so he decided to take millions of dollars in cryptocurrency tokens to make a point.

But he insisted on not causing real panic in the “crypto-world”, so he only took “important coins” except the cryptocurrency Dogecoin, which started as a joke.
“They are intended to steal and steal assets, or they are acting as a white cap hacker to expose a bug to make the poly network more robust and secure,” Mr. Robinson routinely advises governments and law enforcement agencies. About crypto-related crimes explained to the GTM.

The nature of blockchain technology makes it difficult for cybercriminals to make a profit by stealing digital currencies, as everyone can be seen moving money into the wallet of hackers through the network.

“I realized where the funds were moved and decided to return them,” Mr. Robinson said. “I don’t know if the hacker stole the money, or if they realized how much publicity and attention they were getting,” he said.

“Blockchain worked flawlessly here, but the problem is with blockchains like Ethereum, you can write your own smart contracts. Various services, including the Poly Network, have started offering this.

“So whenever a human writes code, they are more likely to make a mistake.”

How it works

cryptocurrency

A blockchain is a ledger or log of every transaction made with a cryptocurrency such as bitcoin. The ledger is distributed to all users in the network to verify new transactions, instead of anyone having the same authority.

The Poly Network Platform works by facilitating the movement between multiple blockchains when people trade one cryptocurrency for another, i.e. BSC trading for Ethereum.

“The Poly Network facilitates the movement between these chains — ultimately, the software, its code, and code always contain flaws and errors,” James Chappell, the co-founder of the London-based cybersecurity firm Digital Shadows, told the GTM.

“And it’s related to the banks or any other economy. Unfortunately, as it happens here, one party has identified a weakness in the execution and exploited the network to misappropriate these tokens.”

There have been similar attacks on the Poly Network case on several other services over the past 12 months, including $ 11 million stolen by hackers in February; Alpha Finance, $ 37 million stolen in the same month; And Mircoat Finance, which was robbed of $ 32 million by hackers in March.

What is a 24 hour rollercoaster for the crypto community?

As the hacker posted online: “The pains are temporary but memorable.”

Hackers, or hackers, argue that this is a far-reaching way to force the poly network to fix security failures.

Why mock and brag online if the intention is respectable?

Since a cyber-security company claims to be close to identifying cybercriminals, there is some indication that the net may have been shut down.

The hacker may have bitten more than they chewed and scared, so he returned the money.

Regardless of the rapid refund, there is no doubt that the authorities are still working hard to catch them.

But what this story highlights most is how powerful hackers can be and how powerless an unregulated, decentralized cryptocurrency network can be when someone swipes a huge treasure from under its nose.

LEAVE A REPLY

Please enter your comment!
Please enter your name here