Latest News

Hackers steal $600m from DeFi platform Poly Network

By Will McCurdy

Hackers have stolen $600 million in cryptocurrency from decentralised finance provider (DeFi) Poly Network.

DeFi is a blockchain-based form of finance that does not rely on traditional intermediaries such as brokerages, exchanges, or banks, and instead utilises smart contracts on blockchains, the most common being cryptocurrency Ethereum.

Poly Network is a platform “built to implement interoperability between multiple chains” and claims to have integrated Bitcoin, Ethereum, Neo, Ontology, Elrond, Ziliqa, Binance Smart Chain, Switcheo, and Huobi ECO Chain.

The DeFi network has attempted to instigate communications with the hackers on Twitter and has urged them to “return the hacked assets.”

The stolen assets include $270 million on the Ethereum blockchain, $250 million on the Binance Smart Chain, and $84 million on the Polygon network.

The total cost of DeFi-related hacks totalled $474 million during 2021 – three times that of the whole of 2020 - according to research from cryptocurrency compliance company CipherTrace.

Earlier this month, US Securities and Exchange Commission (SEC) chair Gary Gensler called on US congress to give his institution more power to regulate “Wild West” cryptocurrency markets.

"The amount of money you have hacked is one of the biggest in DeFi history,” said a Poly Network spokesperson on Twitter. "Law enforcement in any country will regard this as a major economic crime and you will be pursued.”

They added: "The money you stole are [sic] from tens of thousands of crypto community members, hence the people."

“We are aware of the Poly Network exploit that occurred today,” said Changpeng Zhao, chief executive of major cryptocurrency exchange Binance. “While no one controls Binance Smart Chain - or Ethereum -we are coordinating with all our security partners to proactively help.”

He added: “There are no guarantees. We will do as much as we can.”

    Share Story:

Recent Stories

Barclays issued with $361m penalty

Toqio raises €20m in Series A funding round

Penfold launches Advisor Portal aimed at SMEs


The human firewall: Activating employees to safeguard financial data
As financial services increasingly embrace SaaS and cloud-based technologies, they face emerging threats to safeguard sensitive customer data. While comprehensive IT security measures are essential, the active involvement of employees across organisations is pivotal in ensuring the protection of sensitive data.

BANNER

Building a secure financial future for instant payments: The convergence of ISO 20022 and fraud detection
The financial landscape is rapidly evolving its approach to real-time transactions under the ISO 20022 standard, and financial institutions must take note. With examples such as the accelerated adoption of SEPA Instant Credit Transfers in Europe and proposed New Payment Architecture (NPA) programme in the UK, the need for swift and effective fraud detection is more crucial than ever.

Data Streaming and Consumer Duty: Transforming customer experience in banking
Introduced at the end of July, the Consumer Duty is a game-changing new set of rules and guidance for financial services institutions in the UK, and companies must look to modernise their systems in adherence with it in mind to create the best customer experience possible.

From insight to action: Empowering financial institutions through advanced technology and collaborative information sharing
The use of Information sharing in enhancing financial crime prevention has been universally agreed as being beneficial. However no-one has been able to agree on how information can be shared safely without breaching data protection laws or having the right systems to facilitate this, Information sharing has re-emerged as a major consideration for financial institutions (FIs) ahead of the Economic Crime and Corporate Transparency Bill being made into law in the UK.

© 2019 Perspective Publishing     Privacy & Cookies