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Crypto heist: Hackers haul away $600 million on Poly Network

Poly Network put out a plea for the stolen Ethereum, BinanceChain, and OxPolygon tokens, asking traders who run cryptocurrency storage wallets to avoid them.

August 11, 2021 / 06:36 PM IST

Poly Network, a DeFi firm specialising in cryptocurrency transfers, took to Twitter recently to announce that its platform had been hacked, leading to a substantial cryptocurrency loss which had an estimated value of a record  $600 million, making it the biggest ever loss to have emerged in the crypto sector, as per a BloombergQuint report. 

Notably, this figure, as reported by The Block, a crypto trade publication, supersedes the entire criminal losses registered by the DeFi segment ($474 million) between January and July 2021, according to CipherTrace. Looking at the broader picture, almost 55 percent of all major cryptocurrency scams were DeFi hacks. 

The tweet, highlighting the enormity of the hack involved, put out a plea for the stolen Ethereum, BinanceChain, and OxPolygon tokens, asking traders who run cryptocurrency storage wallets to avoid them, since the money belongs to tens of thousands of crypto community members. While it threatened legal action and police involvement, it also offered the said offenders a chance to mutually reach a solution. 

Benevolent hacker?