cryptointuition posted: " Photo by Jp Valery on Unsplash https://anchor.fm/s/5a96ee20/podcast/rss Summary 600 million dollars worth of crypto assets was hacked. #bitcoin #eth #doge --- This episode is sponsored by · Anchor: The easiest way to make a podcast. https://"
If you are a cryptocurrency investor, you are probably familiar with the defi hack of the Poly Network. Over 600 million dollars was stolen from investors with a twist. Half of what was stolen had been returned. The reason? Well, simply the hackers couldn't cash them out.
Tom Robinson stated in an email, "I think this demonstrates that even if you can steal crypto assets, laundering them and cashing out is extremely difficult, due to the transparency of the blockchain and the use of blockchain analytics." Tom Robinson is chief scientist of blockchain analytics firm Elliptic.
The hacker or hackers ultimately decided the safest way was to return the stolen assets. SlowMist, a security company stated in a tweet that they have "grasped the attacker's mailbox, IP, and device fingerprints" and are "tracking possible identity clues related to the Poly Network attacker."
This is the largest thief in crypto history, but definitely not the first and not the last to ever happen.
This is a reminder to us investors to be vigilant at all times because something like this will happen again and it could happen to anyone of us. Never keep all your investments in one wallet. If you are vested heavily in certain cryptos, you might consider dividing them to several wallets on decentralized and centralized wallets just to have some diversification. If something like this happens to you, you will have to be hoping the hackers would actually return them to you.
In the 600 million-dollar hack of the Poly Network, the funds were returned to several addresses. I doubt that people will be getting their funds anytime soon, considering how blockchains are arranged. It's not like there's a name to all these addresses.
In an even more stunning turn of events, blockchain forensics firm Chainalysis said that the attacker claimed to have hacked the Poly Network for fun and that he only did it for the challenge.
I wonder if he or she knew just how hard it was to withdraw funds. If indeed it was for fun and he or she knew that would happen, then he had just awakened a chain of events that could potentially change defi forever.
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