Crypto Largest DeFi Hack drama in Poly Network

[Yugocean]

On August 10, a hacker broke into the poly network and stole over $611 million in cryptocurrency, this was the largest DeFi hack.

This hack it did not affect the crypto market, but the poly network collapsed. Although the crypto world began to trace the hacker, however, poly network openly requested the hacker to return the stolen money. On this request, people also taunted by telling the process of pleading before the hacker.

BThis was indeed a huge theft, so there was speculation that the hacker might return the crypto in exchange for a legitimate reward for discovering a lapse in the security of the poly network. That's what happened in the end, with the hacker returning crypto to the network a few hours later.​

 

[Mandy96]

I used to think it’s impossible to hack cryptocurrency until I saw this. Well more security needs to be taken because people are investing in cryptocurrencies everyday and. These people needs to believe and be sure there investment is safe because as for me, it makes me scared of investing in cryptocurrencies.

 

[Bookwormlux]

They should think of giving the hacker a very high amount of reward as he has done a good job of being able to point out this loophole that is in their security system, and I believe that they will also try to work more on making sure that there are few of those lapses.

The hacker obviously has a good heart.

 

[Mika]

poly network? Did you mean Polygon Mattic network? Well, I did not hear about this news. But I have heard of a similar incident (not in the crypto currency network, though) of someone hacking a system and then giving back the control for a small reward. I believe the hacker was just trying to show the loopholes.

 

[Yugocean]

@Mandy96 All platforms keep their assets in cold wallet, and provide withdrawal only to prevent hack. KYC is also to prevent hack.

@Bookwormlux Maybe, because hacker found the bug that can do with security. Hacker too have to save himself.

@Mika No, Poly Network and Polygon are different, the news is all over internet.

 

[Mika]

Thank you very much for clarifying this. Since the name sounded somewhat similar I thought these were the terms that could be used interchangeably. I know Polygin Matic but never heard of Poly Network. Can you please explain what exactly is this. I mean is this ERC20 token or a crypto currency?

 

[Yugocean]

Thank you very much for clarifying this. Since the name sounded somewhat similar I thought these were the terms that could be used interchangeably. I know Polygin Matic but never heard of Poly Network. Can you please explain what exactly is this. I mean is this ERC20 token or a crypto currency?

Poly network is a decentralized finance (DeFi), built as multi chain infrastructure. It includes ERC, BSC etc.

The hacker has now returned almost all stolen assets, . And Network also rewarded him half a million dollar as "bug bounty". The hacker is anonymous, we don't know if that is he or she?