On 11 August 2021, sudden news came from blockchain site Poly Network that $600 million got stolen from their system. We all know how cryptocurrency is becoming the new trend of investment. Almost every investor has started investing in cryptocurrency nowadays. At this point, the news of the stolen $600 million is really becoming a threat for all the crypto investors. This news is changing the world’s cryptocurrency market. It’s harming the beliefs of people for cryptocurrency.
According to the news, it’s getting clear that hackers hacked their transaction system and has stolen money from the system. People all over the world are questioning the security of their money, system efficiency. This incident leading to a huge loss of the crypto market all over the world. Financial experts are expecting that this can really change the growth of crypto throughout the world. Binance smart chain, Ethereum, and polygon blockchains are operated by this agency, Poly Network.
The CEO of the blockchain site informed about the Heist by tweeting. In his tweet, he described the incident and told people to co-operate with them. He also requested the hackers to return the money. He said that the only thing he can do is to request the hacker to return the money. Hackers had stolen thousands of Digital tokens, which cost millions.
This $600 million stolen money is now the biggest crypto heist. It’s one of the biggest Heist in decentralized finance history. According to sources, $610 million + money got stolen. Many people invested their life savings in this farm. They were under huge pressure. EU is planning to make the transition system of Bitcoin more secure. This is among the biggest money heists.
After one hour of this hacking incident, the hackers started returning the money. They first started with small amounts. After some time, they started sending money to millions. People got shocked by this. They had stolen more than $267 million of Ether currency, more than $252 million of Binance, and over $85 million of USDC token. They returned more than $4.8 million on 7 A.M. As they were returning money, people were getting hopeful to get their money back. In some time they returned more than $258 million on 11 A.M.
According to sources the hacker is on Twitter as a ‘white hat’. All the hackers involved in this heist are ethical hackers. Their main purpose is to find flaws and expose cyber vulnerability. They have exposed the flaws of the Poly Network system with very smart hacking. The insecurity and flaws of crypto are now exposed. People got scared and finding it hard to invest in crypto again.
This incident is creating doubts about crypto in people’s minds. This leads to a huge record loss in this decade. All the flaws of crypto are now exposed, Whitehat groups, exposed it in front of everyone. What if they didn’t send the $600 million back? Who would take responsibility for this $600 million? Many questions are arousing regarding this. The Crypto market is going to take a different role soon.
