More than $600 million stolen in what is likely to be one of the biggest cryptocurrency thefts ever – CNBC

More than $600 million stolen in what is likely to be one of the biggest cryptocurrency thefts ever – CNBC

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More than $600 million has been stolen in what’s likely to be one of the biggest cryptocurrency thefts ever.

Hackers exploited a vulnerability in Poly Network, a platform that looks to connect different blockchains so that they can work together.

Poly Network disclosed the attack on Twitter and asked to establish communication with the hackers, and urged them to “return the hacked assets.”

A blockchain is a ledger of activities upon which various cryptocurrencies are based. Each digital coin has its own blockchain and they’re different to each other. Poly Network claims to be able to make these various blockchains work with each other.

Poly Network is a decentralized finance platform. DeFi is a broad term encompassing financial applications based on blockchain technology that looks to cut out intermediaries — such as brokerages and exchanges. Hence, it’s dubbed decentralized.

Proponents say this can make financial applications such as lending or borrowing more efficient and cheaper.

“The amount of money you hacked is the biggest in defi history,” Poly Network said in another tweet.

Once the hackers stole the money, they began to send it to various other cryptocurrency addresses. Researchers at security company SlowMist said a total of more than $610 million worth of cryptocurrency was transferred to three different addresses.

Poly Network urged cryptocurrency exchanges to “blacklist tokens” coming from the addresses that were linked to the hackers.