One of the largest cryptocurrency forums on the internet claims that hackers stole $600 million worth of cryptocurrencies in one of the largest crypto heists to date.
Poly Network, which covers the digital currency industry, mentioned on Tuesday that attackers had exploited a vulnerability in the crypto production process and stole hundreds of cryptocoins. The breach is the largest breach to date, on par with the coinbase heist.
The alleged hack was used as a blow to supporters of decentralized finance, or Defi, which has been one of the fastest growing areas of the booming cryptocurrency market. It also accentuated flaws in crypto consumer protections in a market with little oversight.
Poly Network has developed a laptop protocol, that permits users to transfer tokens tied to one blockchain to a community. A variety of some of the internet’s oldest blockchains, like Ethereum, have their coins supplied to the community as an incentive to users.
The future repercussions of this incident are not certain at this point.
Supporters of cryptocurrency are trying to manufacture blockchains and communities that allow users to earn and promote digital currency that can be converted to other cryptocurrency, bypassing financial platforms that impose predatory conversion rates.
The stolen cryptocurrency was valued at approximately $600 million, including $270,000,000 in Ethereum, $250,000,000 in Binance, and $84,000,000 in Polygon.
When traders learned of the exploit, the value of the stolen cypto dropped by hundreds of millions of dollars.
Paolo Ardoino, chief technical officer at stablecoin firm Tether, mentioned the team had frozen about $33 million worth of its tokens on the Poly Network.