Poly Network crypto platform reports the biggest hack of $610 million worth of crypto coins. It is a crypto platform that allows peer-to-peer transactions.
Poly Network allows traders to swap crypto coins across various blockchains for the purpose of making banking and payment transactions.
The stolen funds consisted of Crypto tokens Ethereum, Binance Smart Chain, and USD coins with a value of around $610 million. It is the biggest heist in the crypto world so far. The hack reveals the vulnerability in the crypto industry.
Theft of $610 Million on Poly Network Reported
Poly Network tweeted the details about the theft so that traders can get more information to keep them aware of the fraudulent activities. The tweet triggers awareness among traders who run the digital token storage wallets about the fraudulent addresses of the theft. A threat to take legal action against the hackers has brought results, as they recovered part of the stolen crypto.
Hackers made use of a vulnerable part of the Blockchain network to commit cryptocurrency theft. Poly Network decentralized platform connects with several blockchains.
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The Threat of Legal Action
Further, Poly Network warned the hackers to return the crypto assets.Â Poly Network sent a warning tweet to hackers to return the stolen crypto money. The threat to take legal action against the hackers helped to recover part of the theft.
The warning tweet helped them recover around $4.7 million in digital assets.. $1.1 million in Binance Smart Chain, $1 million came back in USDC, and $2.6 million in Ethereum was the recovery amount on August 10.
On August 11, 20221, Poly Network tweeted a recovery of around 342 million assets. The recovered amount had Ethereum cryptocurrency price value of $4.7 million, Polygon $85 million, and BSC $252 million.
Binance CEO, Changpeng Zhao, sent a tweet saying that they were aware of the theft and coordinating with security partners to help in tracing the theft.
A cybersecurity research firm, SlowMist, is looking into the crime. It says that the theft was a well-organized and planned attack. However, the purported hacker claims that the hack was made just for fun and to expose the vulnerability in the Poly Network platform. However, the hackerâ€™s identity remains unidentified.
DeFiâ€™s Role in Cryptocurrencies
DeFi does not require any middlemen or any other intermediary for making crypto transactions. DeFi crypto plays a vital role in various services like banking, insurance, and all financial activities. Traders prefer DeFi services compared to the conventional ways of transfer. As there is no centralized control, it is of great help to institutional investors.
Ethereum, the best crypto to invest in, introduced the world to DeFi. New technologies like dApps and smart contracts by the Ethereum Blockchain are a giant leap in the crypto market.
DeFi crypto was able to solve major flaws in the digital market. Transaction speed has gone up, while costs have come down. Further, there is more transparency which attracts more users. Transparency in transactions has brought a curb to fraudulent activities. Best crypto wallets like Ledger Nano make it easy to store, buy and sell the best crypto to invest in, Bitcoin, Ethereum, and Dogecoin.
Cryptocurrency exchanges protect traders from inflation, and they are secure and private. They provide decentralized transactions that help in the fast transfer of funds. Cryptocurrency exchanges, however, face cybersecurity issues and price volatility.
DeFi crypto does not safeguard the value of the assets and fluctuates with high price volatility. The theft shows the high risk involved in DeFi crypto investment.
Cryptocurrency Prices Today
Top cryptocurrency Bitcoin is in an upward rally, reaching multi-month highs at $46,430 on Friday, August 6, 2021. As BTC/USD cryptocurrency price crosses resistance level $45,600, it may see a higher move to $50,500 or touch the life highs at $64,000.
Ethereum prices have also gone up to $3,210. Ethereum prices were trading at $1,780 in mid-July but have gone up 77% by mid-August. ETH/USD cryptocurrency prices saw an increase from $1,780 to $3210 within a month.
Litecoin has also gone up to $179.45 from $104 levels. Crypto prices shot up 54% from mid-August lows. New investors usually consider what cryptocurrency to invest in before risking their investments.
The crypto market cap across many countries has gone to $1.94 trillion. Crypto prices are moving higher in August. Traders prefer to choose the best crypto exchange to invest in. Crypto exchanges offer safe storage options for crypto assets for top cryptocurrencies like Bitcoin, Ethereum, and Litecoin.
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Kraken crypto provides advanced and secure trading tools. Experienced investors prefer Kraken crypto as they provide trading in a range of cryptocurrencies with good trading features.