Everyone is well aware of the term cryptocurrency. But over time we have only heard about the adverse side-effects that are caused by the mining of it. However, there is a good side too.
On August 10th, a hacker or a group of hackers managed to steal around $610 million in cryptocurrency. They were able to exploit a vulnerability in Poly Network. It is a platform that allows transactions among different blockchains.
Poly Network acts as a decentralized finance platform eliminating the middle man in peer-to-peer financial transactions across various blockchains. In a layman’s term, this platform allows users to transact between a Bitcoin user & an Ethereum user.
The hackers were able to find a way to manipulate ongoing transactions that allows them to divert a huge amount into three different digital wallets. However, after the incident, Poly Network took the matter on Twitter and posted the digital wallet address of the hackers. They asked the miners and crypto exchanges not to allow any tokens from those addresses.
This step allowed Poly Network to narrow down the illegal transaction. It helped to reveal the details of each stolen amount. The hackers were not able to use the amount since everyone in the blockchain world came to know about the stolen money.
Recently, Poly Network, informed that they are now working with the hacker who is calling himself Mr. White Hat in a peaceful solution and he is also returning the stolen amount throughout the day. According to information shared by Poly Network, over $342 million has been returned with an outstanding $268 million dollar remaining.
This incident ensures how robust the blockchain network is. Due to the transparency, it is not easy to perform illegal actions on blockchain platforms.