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This may be the biggest cryptocurrency theft ever – Eagles Vine

Hackers seems have exploited a vulnerability on a blockchain network to have pulled off what is likely to be the biggest cryptocurrency theft of all-time. According to a report by CNBC, hackers have stoled about $610 million by attacking Poly Network, a platform that connects various blockchains. Changpeng Zhao, CEO of major cryptocurrency exchange Binance, tweeted about the attack. Zhao said that Binance is aware of the attack and is “coordinating with all our security partners to proactively help.”


How the hackers stole more than $600 million

According to the report by CNBC, Poly Network is “decentralised finance platform” that connects various blockchains. For the initiated, blockchain broadly refers to a ledger of activities on which most cryptocurrencies are based. Since each cryptocurrency is different and has its own blockchain, what Poly Network does is that it makes the blockchains work together.
Hackers seemed to have exploited a vulnerability and attached Poly Network. “We are sorry to announce that #PolyNetwork was attacked on @BinanceChain@ethereum and @0xPolygon,” tweeted Poly Network.
Security researchers at SlowMist, a cybersecurity research firm, said that the stolen cryptocurrency was transferred to three different addresses. The researchers said that theft was an organised and long-planned attack. In a tweet, the security research firm said that that they are ““tracking possible identity clues related to the Poly Network attacker.” The firm also said that their researchers had “grasped the attacker’s mailbox, IP, and device fingerprints”
Poly Network has called on the miners We call on miners of affected blockchain and crypto exchanges to blacklist tokens that come from the addressed linked to the hackers. Poly Network in a tweet has also tried to reach out to the hackers and urged them to return the “hacked assets.”


timesofindia.indiatimes.com

The Times of India

The Times of India is an Indian English-language daily newspaper and digital news media owned and managed by The Times Group. According to Audit Bureau of Circulations, it is ranked 9th in the world by circulation and 3rd in India.

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