Millions stolen in biggest crypto theft in history
Recommended for Secondary Grades
We read about cryptocurrencies (crypto) such as Bitcoin before.
What are cryptocurrencies?
Cryptocurrencies (or crypto) are digital tokens. This means they are not physical coins or cash but are a type of digital (online) money. This allows people to make payments directly to each other through an online system.
Recently, hackers stole around US$600 million in cryptocurrency from finance platform (website) Poly Network. Experts say that this is the largest crypto theft in history.
A vulnerability (weakness) in Poly Network’s system allowed the hackers to steal the money. The money belongs to tens of thousands of people who use the platform.
Poly Network requested whoever stole the money to return it. It has also urged other people to not deal with people who are using the online addresses used by the attacker.
Return of the money
However, after the attack, it seems some of the hackers are willing to return the money. Poly Network created several online addresses where the hackers could return the money. Since then, they have returned most of the money.
Whoever stole the money even added notes saying they hacked Poly Network “for fun :)”. They said that they saw it as a challenge to expose Poly Network’s weaknesses.
Experts also noted that it would have been hard for the hacker to withdraw the money they stole. This is because the money is traceable – people can identify where it came from.
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