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Hackers have stolen nearly $ 600 million in what appears to be one of the biggest scams in cryptocurrency history.
The Poly Network, which specializes in cryptocurrency, reported that hackers exploited a vulnerability in its system.
In a message posted on Twitter, the network urged hackers to “contact it and return the compromised assets.”
“The money you stole is one of the biggest thefts in cryptocurrency (decentralized finance) history,” Poly Network said in its message to hackers.
“Law enforcement authorities in any country consider what happened to be a major economic crime and you will be prosecuted,” she added. “And the money you stole belongs to tens of thousands of members of the crypto community, so it belongs to the people.”
The network confirmed that a preliminary investigation revealed that one of the hackers exploited a “security vulnerability in calls related to contract management.”
Poly Network also urged several exchanges to ban coin deposits.
He stole around $ 267 million in cryptocurrency ether, $ 252 million in Binance coins, and around $ 85 million in USDC coins.
Changping Zhao, CEO of Binance, revealed that his company knew about the hack, but added that there are many things he can do.
He said the group “is coordinating with all of our security partners to proactively provide assistance.” But he stressed that “there are no guarantees”.
Coordination difficulties
Cryptocurrency systems such as Ether and Binance are developed separately, so it is difficult to coordinate the work between them.
A report by research firm Sivertras released on Tuesday said losses due to fraud in the cryptocurrency industry reached an all-time high of $ 474 million in the first seven months of this year.
But crime losses in the cryptocurrency market in general have fallen sharply to $ 681 million, from around $ 1.9 billion in 2020 and $ 4.5 billion in 2019.
Last week, the U.S. Securities and Exchange Commission accused cryptocurrency lender Credit Partners and two senior executives of raising $ 30 million through alleged fraudulent offers.
This case is the first of its kind within the Securities and Exchange Commission relating to transactions using cryptocurrencies.
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