An unknown cyber thief or hacker group is returning some of the money after stealing an estimated $ 611 million from a cryptocurrency exchange called one of the biggest robbers of its kind.
A company called Polynetwork revealed the incident Tweet The end of Tuesday. In another statement posted on Twitter, Poly Network urged hackers or hackers to “return hacked assets.”
“The amount you hacked is the largest decentralized amount [decentralized finance] “The money you stole comes from tens of thousands of members of the crypto community, or people,” Polynetwork said.
The plea seemed to work. Shortly after the theft, the company said it received a message that the funds would be returned, albeit not in monetary amounts. Polynetwork said it had instructed hackers where to send the stolen cryptocurrencies. By Wednesday afternoon, the people behind the hack had returned $ 260 million, Reuters reported.
Xiamen Slowmist Technology, a blockchain security company based in China, said it revealed the hacker’s IP address and email information. In a Medium blog post, the company explained how hackers carried out the attack. Slowmist concludes that cybercriminals have taken advantage of vulnerable locations in PolyNetwork’s code that allow hackers to send cryptocurrencies to each other without being detected.
According to experts, the Polynetwork case is the latest in a series of cybercrimes this year. Hackers stole at least $ 474 million between January and July, according to a report from crypto compliance firm CipherTrace.
With the proliferation of cybercrime, the new Securities and Exchange Commission chairman, Gary Gensler, said it was time to put protection around the crypto market. Gensler said at a security forum in Washington earlier this month: Cryptocurrencies are “full of fraud, fraud and abuse“And” more like the Wild West. ”
Cryptographic space is almost unregulated
Although growing in popularity, digital currencies like Bitcoin are largely unregulated in the United States, except in China and other countries. Gensler said cryptocurrencies are unregistered securities and do not come with proper disclosure to monitor markets and educate investors. It opens prices to manipulation and leaves investors unprotected, he said.
The SEC filed dozens of proceedings and won con man, Gensler said the agency needs more authority from Congress to regulate the crypto market.
Hackers Steal $ 600 Million Cryptocurrency Robbery — And Rethink
Source link Hackers Steal $ 600 Million Cryptocurrency Robbery — And Rethink