The biggest feat of hackers ever! Cryptocurrency worth Rs 45 billion stolen

Hackers stole $273 million in assets taken in Ethereum tokens, $253 million in tokens on the Binance Smart Chain, and $85 million in US Dollar Coin (USDC) tokens on the Polygon Network.

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Hackers have stolen more than $600 million (about Rs 45 billion) in Ethereum and other cryptocurrencies by breaching the blockchain-based platform Poly Network, the company confirmed via a tweet on Tuesday. This is the biggest hack ever in the decentralized finance or DeFi space. Poly Network is a platform that allows users to exchange crypto tokens and confirms that thousands of investors have been affected by this recent crypto theft.

“We are sorry to announce that the #PolyNetwork was attacked,” Poly tweeted on Tuesday morning. The company confirmed that millions of dollars have been stolen from crypto investors. It also shared the addresses of the attackers to whom the stolen amount was transferred. The company has asked the hackers to return the assets, while legal action will be taken against those involved.

Thieves are the most eye on Ethereum

Ethereum is considered the most affected cryptocurrency in terms of theft. Hackers stole $273 million in assets taken in Ethereum tokens, $253 million in tokens on the Binance Smart Chain, and $85 million in US Dollar Coin (USDC) tokens on the Polygon Network. About $33 million of the stolen amounts were frozen immediately after the attack. This means that these tokens cannot be used by hackers. The attack is being seen as the biggest in the relatively young crypto space which has been facing several challenges in the past few months.

Investors upset due to increasing cases of hacking

Poly Networks said a preliminary investigation found a hacker took advantage of “leaks between contract calls”. This type of hacking has become a major concern for investors in the DeFi space. Many cases of theft have been reported since the beginning of this year, but in no case was the amount stolen.

DeFi lender Blockchain Credit Partners and two of its top executives were last week charged by the US Securities and Exchange Commission (SEC) for allegedly fraudulently raising $30m.

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Damini Sharma
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