Connect with us

Hi, what are you looking for?

Stocks

Most of the Funds Recovered Following a Significant Crypto Breach


A security-conscious ethical hacker identified a vulnerability in Poly Network.

Earlier this week, a significant amount of Tether cryptocurrency was stolen from Poly Network, a decentralized finance system known as DeFi that leverages blockchain technology to provide services such as loans and trading. The total value of the stolen Tether coins was $600 million, marking it as one of the largest cryptocurrency thefts to date. Fortunately, for Poly Network, the individual responsible for the theft apparently had no ill intentions and was willing to return the funds.

Today, the large majority of the pilfered Tether coins have been successfully returned to Poly Network’s possession. The hacker, who remains unidentified, contacted Poly Network, identifying themselves as a “white hat” hacker. White hat hackers engage in ethical hacking activities by identifying vulnerabilities in systems and alerting the owners of those vulnerabilities. As per the hacker, the breach was carried out as a recreational endeavor, and the intention to return the funds was present from the outset. In recognition of identifying this critical vulnerability in their system, Poly Network extended a $500,000 bug bounty offer to the hacker, which was declined.

However, an approximate value of $268 million in stolen Tether remains unrecovered. This is due to a unique aspect of Tether as a cryptocurrency, where the funds were placed in a separate account requiring specific passwords from both Poly Network and the hacker for access. The hacker declined the bug bounty offered by Poly Network due to the desire for legal immunity concerning the incident and is withholding the remaining Tether until this guarantee is provided.

“It is probable that accessing the funds would necessitate keys held by both Poly Network and the hacker – allowing the hacker the ability to render the funds inaccessible at will,” suggested Tom Robinson, the chief scientist of Elliptic, a blockchain analytics company.

You May Also Like

News

Peloton, known for their stationary exercise bikes and treadmills, has faced significant financial challenges over the past year. The company experienced a surge in...

News

Amid the ongoing global supply chain challenges, many retailers in the United States are grappling with surplus seasonal stock, leading to increased storage costs...

News

With the continuous increase in gas prices, a decrease in consumer confidence, and the ongoing conflict in Ukraine, the European economy faces significant challenges....

News

As the demand for electric vehicles grows and the push for environmental sustainability increases, automakers are gearing up to focus more on the development...

News

Today, Brian Armstrong, the CEO of Coinbase, conveyed to his team through a company-wide email that due to declining stock and crypto values and...

News

Recently, Peiter “Mudge” Zatko, a former cybersecurity specialist at Twitter, published a whistleblowing document on the platform. Zatko highlighted several security issues with Twitter,...

News

Zelle is a popular peer-to-peer payment service that allows individuals to send and receive money, similar to apps like Venmo. It is widely used,...

News

Recently, after Chinese President Xi Jinping secured a third term, there was a sharp decline in the stock market in Hong Kong. Investors became...