Crypto platform hit by $600 million heist asks hacker to become its chief security advisor

This article from CNBC written by Ryan Browne

The cryptocurrency platform targeted in a massive heist is now inviting the hacker behind it to become an advisor to the firm, and promising a $500,000 reward for the restoration of user funds.

Poly Network, a so-called decentralized finance or “DeFi” project, was hit with a major attack last week which saw the hacker, or hackers, make off with more than $600 million worth of tokens.

Poly Network lets users swap tokens from one digital ledger to another. Someone exploited a flaw in Poly Network’s code which allowed them to transfer the assets to their own crypto wallets.

It is thought to be the largest crypto heist of all time, surpassing the $534.8 million in digital coins stolen from Japanese exchange Coincheck in a 2018 attack and the estimated $450 million worth of bitcoin that went missing from Tokyo-based exchange Mt. Gox in 2014.

In Poly Network’s case, the hacker has taken the unusual step of returning most of the stolen money. All but $33 million of the crypto has now been returned.

Go here to read the full article.

Source: https://www.cnbc.com/2021/08/17/poly-network-cryptocurrency-hack-latest.html

 

 

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