Wednesday, August 11, 2021

Biggest Cryptocurrency Theft

Thieves of the digital world, ie hackers, have stolen more than $ 600 million worth of Ethereum and other cryptocurrencies.Blockchain technology-based platform Poly Network gave information about the theft through a tweet on Tuesday. There have been several incidents of cryptocurrency thefts this year, but this is the first time such a huge theft has happened.

Thousands of investors lost due to theft

This is the biggest cryptocurrency theft in the world of DeFi (Decentralized Finance). Poly Network is a platform to facilitate users to transact crypto tokens. It says that thousands of investors have been harmed in this theft of millions of dollars of cryptocurrency.

Affected platform gave addresses of thieves

In a tweet on Tuesday morning, Poly Network said, 'We have to say with sadness that there was a cyberattack on #PolyNetwork.' He told that millions of dollars of crypto investors were stolen in the burglary. He has also given the addresses of the thieves to whom the stolen money has been transferred.

Most Ethereum Tokens Stolen

Most (of the amount) Ethereum tokens are believed to have been stolen in the burglary. $273 million in Ethereum, $253 million in Binance Smart Chain (BSC) and $85 million in US Dollar Coin (USDC) tokens are said to have been stolen from the Polygon Network.

Stablecoins worth 3.3 million stolen immediately freeze

Stablecoin Tethers worth $33 million were also stolen in a breach on Poly Network's platform, but they were immediately frozen. This means that the stolen tokens will not be able to be used by hackers. The cryptocurrencies that have very little volatility are called stablecoins. They are generally used for portfolio diversification.