• About
  • Privacy Policy
  • Contact
Tech Newsday
  • Security
  • Future of Work
  • Mobility
  • Emerging Tech
  • Today’s News
No Result
View All Result
Tech Newsday
  • Security
  • Future of Work
  • Mobility
  • Emerging Tech
  • Today’s News
No Result
View All Result
Tech Newsday
No Result
View All Result
Home Blockchain

Hackers Give Back $260 Million After Cryptocurrency Heist

TND News Desk by TND News Desk
August 13, 2021
in Blockchain
0 0
0

Hackers who recently committed one of the biggest cryptocurrency heists returned more than a third of the $613 million in digital coins they stole, the company at the center of the theft said on Wednesday.

Poly Network, a decentralized financial platform that facilitates peer-to-peer transactions, tweeted that $260 million of the stolen funds had been returned but $353 million was still outstanding.

The company, which allows users to exchange tokens across different blockchains, said on Tuesday that it had been breached and urged criminals to return the stolen money and threatened legal action.

Cybercriminals exploited a vulnerability in digital contracts that Poly Network uses to move assets across different blockchains, according to blockchain forensics firm Chainalysis.

A person who took responsibility for the hack said she did it “for fun” and wanted to “expose the vulnerability” before others could exploit it, according to digital messages released by Elliptic, a crypto-tracking firm, and Chainalysis.

The perpetrators have not yet been identified.

Elliptic co-founder Tom Robinson said the decision to return the money may have been caused by the difficulties involved in laundering stolen crypto on this scale.

An executive at cryptocurrency firm Tether tweeted that the company had frozen $33 million related to the hack, and executives at other cryptocurrency exchanges also told Poly Network they would volunteer to help.

The scale of the theft was comparable to the $530 million in digital coins stolen from Tokyo’s Coincheck exchange in 2018. Mt Gox, also based in Tokyo, closed in 2014 after losing half a billion dollars in bitcoin.

The Poly Network hack comes as losses from theft, hacks and decentralized funding fraud have reached an all-time high, according to crypto-intelligence firm CipherTrace.

For more information, read the original story in Reuters.

Subscribe

About Tech News Day

In just 10 minutes you will have all your leadership tech news needs covered. Our Editors browse the top tech news sites for you, get rid of the fluff and post summaries of the best. Our content is created by trained professionals and enhanced for IT leaders using leading edge artificial intelligence.

About

Tech Newsday

Tech News Day picks the new, most relevant tech stories.

Our selection is done by industry professionals – executives like you who pick the top stories for that day. Our writers summarize these to give you a quick summary and the key takeaways.

SUBSCRIBE

Categories

  • Artificial Intelligence
  • Auto Tech
  • Blockchain
  • Careers & Education
  • Channel Strategy
  • Cloud
  • Communications & Telecom
  • Companies
  • Data & Ananytics
  • Development
  • Digital Transformation
  • Distribution
  • Diversity & Inclusion
  • eCommerce
  • Emerging Tech
  • End User Hardware
  • Engineering
  • Financial
  • Future of Work
  • Governance
  • Government & Public Sector
  • Human Resources
  • Infrastructure
  • IoT
  • Leadership
  • Legal
  • Legislation & Regulation
  • Managed Services & Outsourcing
  • Marketing
  • Mobility
  • Open Source
  • Operations
  • People
  • Podcasts
  • Privacy
  • Security
  • Service
  • SMB
  • Social Networks
  • Software
  • Supply Chain
  • Today's News
  • Top Stories This Week
  • Women in Tech
  • Home
  • Today’s News
  • About
  • Privacy
  • Contact

2022 Tech News Day

No Result
View All Result
  • Security
  • Future of Work
  • Mobility
  • Emerging Tech
  • Today’s News

2022 Tech News Day

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Why are you leaving?

About Tech News Day

Tech News Day is a daily publication featuring key daily news stories about technology and how it affects businesses. We know that you are busy and that there’s a lot of information coming at you. While there are lots of programs that will curate based on what you have already read or followed, Tech News Day picks the new stories that we feel are most relevant.

Our selection is done by industry professionals – executives like you who pick the top stories for that day. Our writers summarize these to give you a quick summary and the key takeaways. If you want to do a deeper dive and get even more information, we provide a link to at least one of the longer stories from one of our sources (we are often following stories from more than one source).

We also have a daily podcast, published each morning so that you can get the news stories of the day from wherever you get your podcasts.

We hope you find this to be useful to you in keeping up to date in these challenging times. We love your input and opinions. You can use our feedback widget to rate individual stories or you can write us at NewsDesk@technewsday.com.

Click Here

-
00:00
00:00

Queue

Update Required Flash plugin
-
00:00
00:00