Cyberattack – Decentralized Finance Platform

A hacker claiming to be the mastermind behind one of the largest cryptocurrency heists in history claims the theft did for fun.

The malware, which targeted a decentralized banking network called Poly Network, resulted in more than $600 million in cryptocurrency.

Decentralized finance is a rapidly expanding area of the cryptocurrency business that aspires to replicate traditional financial products such as loans and trade without the involvement of any middlemen.

While the DeFi market has garnered billions of dollars in investment, it has also given rise to new attacks and scams. For example, in an apparent “bank run,” a token backed by billionaire investor Mark Cuban recently went from $60 to several thousandths of a cent.

Digital Transaction

Poly Network is a network that aims to connect several blockchains so that they can collaborate. A blockchain is a distributed network of computers that maintains a digital ledger of transactions rather than a central authority.

A hacker stole the cash on Tuesday by exploiting a weakness in Poly Network’s technology. Poly Network lost more than $610 million in the attack, according to researchers from blockchain security firm SlowMist. Poly Network then begged the hacker to return the money, and by Wednesday, roughly half of the cryptocurrency haul restore. According to Poly Network, $342 million in assets was recovering as of Thursday morning.

Attacker

The individual also provided a rationale for returning the monies, adding, That’s always the plan! Money _doesn’t_ pique my curiosity! I know it hurts when individuals assaulting, but shouldn’t those hackers teach them something? Elliptic’s principal scientist, Tom Robinson, stated the person composing the Q&A was “absolutely” the hacker behind the Poly Network attack.

According to Robinson, the messages embedded in transactions sent from the hacker’s account, as reported by CNBC. The owner of the stolen assets could have only sent them.

CNBC could not verify the message’s validity independently, and the hacker or hacker identify. SlowMist stated that its experts have tracked down information on the attacker’s IP address and email address. In the Q&A, the hacker claimed to have taken precautions to be untraceable.