October 23, 2021

Cryptocurrency platform loses estimated $600 million in cyberhealth

By Administrator_ India

Capital Sands

A cryptocurrency platform has lost an estimated $600 million in digital tokens after one of the sector’s biggest ever hacking attacks, according to details of the heist which emerged on Wednesday.

Poly Network, a decentralized finance platform, announced the hack on Twitter and posted details of digital wallets to which it said the money was transferred, urging people to blacklist tokens from those addresses.

The value of the tokens in the wallets cited by Poly was just over $600 million at the time of the announcement, according to crypto trade publication The Block.

The heist appears to be one of the biggest ever in cryptocurrency markets and compares with the $530 million in cryptocurrency stolen from Tokyo-based bitcoin exchange Coincheck in 2018.

Crypto exchange Mt. Gox, also based in Tokyo, collapsed in 2014 after losing half a billion dollars in bitcoin.

The latest attack comes as losses from theft, hacks, and fraud related to decentralized finance hit an all-time high, raising the risk of both investing in the sector and of regulators looking to shake it down.

Leave a Reply

Your email address will not be published. Required fields are marked *