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You can let the sum at stake in this article melt in your mouth: $ 600 million. Unknown persons have now stolen this amount from the Poly Network. Critics who accuse cryptocurrencies of opening the door to criminals are likely to feel vindicated once again.


Thieves use DeFi Hype

The Poly Network itself stated in a series of Twitter messages that digital tokens worth around € 500 million have been stolen. The cryptocurrency itself is not a coin from the front rows, but a coin from the trend area DeFi.

For many investors, assets from the field of so-called decentralized finance are a real gold mine. They hope that digitalized financial services will provide an alternative to the established systems of large banks. But the hype has also flushed true gangsters in the networks. Thus, back to the poly token.

33 Million Tether Frozen

The developers behind the coin are still anything but transparent and do not explain anything about who and how the digital currencies were stolen. There is talk of a hacker attack and the crypto team had no choice but to ask these hackers to return the virtual coins. After all, the move to the public of the polynetwork has so far resulted in Tether worth about $ 33 million being frozen by the community.

The crypto exchange Binance is also trying to “proactively help”, according to the FAZ. Accordingly, the cyber security company Slowmist should also work on a resolution. Both e-mail address and IP address of the criminals are said to have been found out. However, it is still unclear whether this will help to clarify and return the said funds. Once again, the thieves are said to have used the controversial cryptocurrency Monero to steal tokens. Later the credits were converted into Binance Coin, Ether and Matic.

Photo by Towfiqu barbhuiya

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