Hackers Steal R3.8b in Cryptocurrency from Decentralised Finance Platform Poly Network

• Poly Network stated that hackers exploited a vulnerability between contract calls to steal cryptocurrency
• They pleaded with the hackers to return the huge amount, which it said was from tens of thousands of crypto community members
• As of Tuesday, August 11, the hackers had returned assets worth $260.3 million (approximately R3 859 648 000)

Hackers have stolen R3 859 648 000 in cryptocurrency from decentralised finance platform Poly Network in a case dubbed the biggest crypto theft in history.

The platform confirmed the incident in a statement on Tuesday, August 11. It pleaded with the thieves to return the huge amount, which it said was from tens of thousands of crypto community members.

"The amount of money you hacked is the biggest in defi history. Law enforcement in any country will regard this as a major economic crime and you will be pursued.

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"It is very unwise for you to do any further transactions. The money you stole is from tens of thousands of crypto community members... you should talk to us to work out a solution," the statement read.

The network stated the hackers exploited a vulnerability between contract calls.

As of Tuesday, August 11, the hackers had returned assets worth $ 260.3 million, showing they were heeding the call to return the money.

According to a report by CNN, the hackers were not immediately established. It, however, emerged that the hackers said they did it 'for fun' and chose to conceal identity.

"I take the responsibility to expose the vulnerability before any insiders hiding and exploiting it!" the attacker said.

"I understood the risk of exposing myself even if I don't do evil. So I used temporary email, IP or _so called_ fingerprint, which was untraceable. I prefer to stay in the dark and save the world."

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How hackers ply their trade

Allan Lwala, User Awareness and Training (UAnT) group leader at Kenya Cyber Security and Forensics Association elaborated on how the criminals ply their trade.

He said the offenders work in an organised group akin to a mafia with each person having defined roles.

"Cybercrime attacks mostly happen at night when there are few employees in the office. People are taking advantage of there being not enough staff in the office to orchestrate the different attacks with everyone having a specific role. They first gather information before moving to the next move," Lwala said.

South African fugitive and cryptocurrency developer arrested in the US

Previously, Briefly News reported that authorities in the United States have apprehended Riccardo Spagni, a well-known South African cryptocurrency developer after he allegedly fled to the country to avoid fraud accusations.

According to Fin24, charges against Spangni could land him in prison for up to 20 years. The charges he faces in South Africa are unrelated to cryptocurrency.

Spagni, also known as "Fluffypony" in the tech community, was detained on his way to Mexico from New York on July 20 and is currently in the custody of the US Marshals Service.

Source: Briefly News