It was Tuesday of this week that it became the Poly Network digital exchange bank intruders attacked him, That secured access to a cryptocurrency worth about $600 million, equivalent to nearly 5.4 billion grains.
weakness in the system
Describing the attack as the largest in history, it was soon confirmed that there was a weakness in the security system that would allow hackers to carry out the attack.
Poly Network has issued an open letter to hackers asking to be contacted.
It is not wise to do more transactions. Exchange bank wrote in the letter you should talk to us to find a solution.
The exchange bank was heard. According to the analysis firm Chainanalysis, on Wednesday, hackers had Cryptocurrency repaid about $260 million, Or 2.4 billion Norwegian kroner.
When the hackers got hold of the valuables, they sent them to several different cryptocurrency addresses. There are three addresses, analysts at security firm SlowMist say, writes CNBC.
The company’s analysts concluded that the theft “may have been planned long ago,” and that the hackers were well prepared.
In a message shared by Ellipctic, which conducts blockchain analytics, the hackers said they carried out the attack for fun, and that they planned to pay the stolen values along the way.
This does not mean that they are left empty-handed after hacking. In a message from Poly Network on Friday, they confirmed that they offered the hacker or hackers behind the attack a reward of $500,000, for a security flaw in the company’s systems, he writes. Reuters.
In the statement, they thanked the hacker, who is referred to as a “white hat” hacker. It is a term used around hackers who work to expose vulnerabilities in online systems.
Vekslingsbanken says they hope “Mr. White Hat” will continue to work on improving the blockchain sector after receiving the reward, which was presented as part of negotiations to return the values.
It is now reported that the hacker has returned a cryptocurrency valued at approximately $340 million. The rest of the stolen values were transferred to a digital wallet controlled by the hackers and the Poly network together.
Poly Network is a cryptocurrency exchange that specializes in allowing users to transfer or exchange cryptocurrencies between different block chains.
Hard to launder cryptocurrency
Blockchain is the technology that enables cryptocurrencies to function as a viable currency, because everyone connected to the blockchain can see what is being done in the system, which means that the value cannot be manipulated.
“After communicating with Mr. White Hat, we have gained a more comprehensive understanding of how the situation has developed, as well as the intentions of the hackers,” the company said in a statement.
The company does not say anything else about what these intentions are.
Earlier, Tom Robinson, founder of Elliptic, a blockchain analytics company, said the reason for paying off values may simply be how hard it is to launder stolen cryptocurrencies of this scale.
“Even if you can steal cryptocurrencies, laundering and paying them is very difficult due to the transparency of the blockchain and the fact that financial institutions are using blockchain analytics on a large scale,” Robinson told Reuters.
“Web specialist. Lifelong zombie maven. Coffee ninja. Hipster-friendly analyst.”