• About
  • Advertise
  • Contact
Friday, May 27, 2022
  • Login
WRITE FOR US
Economy.pk
  • Economy
  • Politics
  • Technology
  • Education
  • Life & Style
  • Health
  • World
No Result
View All Result
Economy.pk
  • Economy
  • Politics
  • Technology
  • Education
  • Life & Style
  • Health
  • World
Economy.pk

Cryptocurrency Heist: How Hackers Stole $613 Million in Digital Tokens From Poly Network

bySidra Butt
August 13, 2021
in Cyber Security, New, World
Reading Time: 2 mins read
0
Cryptocurrency
74
SHARES
9.8k
VIEWS
Share on FacebookShare on Twitter

Hackers pulled off the biggest ever cryptocurrency heist on Tuesday, stealing $613 million in digital coins from token-swapping platform Poly Network, only to return $260m worth of tokens less than 24 hours later, the company said.

A lesser-known name in the world of crypto, Poly Network is decentralised finance (DeFi) platform that facilitates peer-to-peer transactions with a focus on allowing users to transfer or swap tokens across different blockchains.

RelatedPosts

Elon Musk To Buy Twitter For $44 Billion

Political changes in Pakistan will not affect Beijing-Islamabad ties: Zhao Lijian

Global Oil Prices Drop Below $100 for the First Time Since March

Poly Network operates on the Binance Smart Chain, Ethereum and Polygon blockchains. Tokens are swapped between the blockchains using a smart contract that contains instructions on when to release the assets to the counterparties.

One of the smart contracts that Poly Network uses to transfer tokens between blockchains maintains large amounts of liquidity to allow users to efficiently swap tokens, according to crypto intelligence firm CipherTrace.

Poly Network tweeted on Tuesday that a preliminary investigation found the hackers exploited a vulnerability in this smart contract.

According to an analysis of the transactions tweeted by Kelvin Fichter, an Ethereum programmer, the hackers appeared to override the contract instructions for each of the three blockchains and diverted the funds to three wallet addresses, digital locations for storing tokens. These were later traced and published by Poly Network.

The attackers stole funds in more than 12 different cryptocurrencies, including Ether and a type of Bitcoin, according to blockchain forensics company Chainalysis.

As of late Wednesday, the hackers had returned $260m of the assets, Poly Network said, but $353m was outstanding. It is unclear where the remaining assets have gone.

Coindesk reported that the hackers had tried to transfer assets including tether tokens from one of the three wallets into liquidity pool Curve.fi, but that transfer was rejected. About $100m has been moved out of another of the wallets and deposited into liquidity pool Ellipsis Finance, Coindesk also reported.

The hacker or hackers have not yet been identified.

Cryptocurrency security firm SlowMist said on its website that it has identified the attacker’s mailbox, internet protocol address, and device fingerprints, but the company has not yet named any individuals. SlowMist said the heist was “likely to be a long-planned, organised and prepared attack”.

Tags: BinanceBitCoinBlockChainsChainalysisCipherTraceCryptocurrencyCurve.fiDeFiEthereumForensicshackersPoly NetworkSmart contractTokens
Sidra Butt

Sidra Butt

Related Posts

Elon Musk To Buy Twitter For $44 Billion

Elon Musk To Buy Twitter For $44 Billion

Elon Musk clinched a deal to buy Twitter for $44 billion on Monday in a transaction that will shift control...

Political changes in Pakistan will not affect Beijing-Islamabad ties: Zhao Lijian

Political changes in Pakistan will not affect Beijing-Islamabad ties: Zhao Lijian

BEIJING: Political changes in Pakistan would have no impact on relations between Islamabad and Beijing, according to Zhao Lijian, a...

Next Post
5G

5G Service All Set To Be Launched By December 2022

Leave a Reply Cancel reply

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

Recommended

miftah ismail

Govt announces increase in petrol price by Rs30

Rescue 1122 to be launched in Sindh

Rescue 1122 to be launched in Sindh

Celebrities Support Imran Khan in the Independence March

Celebrities Support Imran Khan in the Independence March

Shaheera Jalil - The Relentless Pioneer of Youth Election Quota

Shaheera Jalil – The Relentless Pioneer of Youth Election Quota

PIMS to get Pakistan’s First Surgical Skill Lab

PIMS to get Pakistan’s First Surgical Skill Lab

Pakistan-Turkish series Salahuddin Ayubi to be released soon

Pakistan-Turkish series Salahuddin Ayubi to be released soon

Connect with us

Twitter

Economy.pk

Economy.pk touches diverse topics with a lighter note and is geared toward audiences with various interests and all ages. Come and explore Economy.pk. Ample details and analysis are provided in extraordinarily readable manner making them compelling and interesting at the same time.

Category

  • World
  • Politics
  • Business
  • Technology
  • Education
  • Health
  • Life & Style
  • Opinions

Social Media

  • Facebook
  • Instagram
  • Twitter
  • Linkedin

Sitelinks

  • Sitemap

Download our APP

download on android app download on apple app
  • About
  • Advertise
  • Contact

© 2020 All Rights Reserved Economy.pk | Designed & Developed by Digital Otters

  • LATEST
  • World
    • Europe
    • Americas
    • Asia
    • Oceania
    • Africa
    • Canada
    • Middle East
  • Finance
  • Politics
  • Business
    • Economy
    • Finance
    • Entrepreneurship
    • Real Estate
  • Technology
    • Cyber Security
    • Mobiles
    • Social Media
  • Education
  • Sports
  • Life & Style
    • Personalities
    • Art
    • Culture
    • History
    • Entertainment
    • Fashion
    • Food
    • Health
      • Environment
      • Fitness
  • Sponsored

© 2020 All Rights Reserved Economy.pk | Designed & Developed by Digital Otters

No Result
View All Result

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?