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Encashing cryptocurrency much more difficult


Hackers have returned half of the $600 million that they stole in one of the biggest cryptocurrency robberies ever. Poly Network has disclosed the attack & is trying to establish a network with the hacker to return the hacked-up assets. Each digital crypto has its own unique blockchain. Poly Network helps in connecting these blockchains. In a strange turn of events, the hackers began to return the amount they stole. They had sent a message to Poly Network in a cryptocurrency transaction that they are ready to return the funds. The DeFi platform has asked them to send the money to three crypto addresses. According to the London Times, more than $4.8 million had been sent by 7 am. By 11 am $258 million were sent back. Tom Robinson, chief scientist of blockchain analytics firm Elliptic told that even if stealing crypto assets is a possibility cashing them out is extremely difficult due to transparency & the use of blockchain analytics. The safest option for the hackers over here is to return the stolen assets. After stealing the money, they sent it to various cryptocurrency addresses. Researchers at SlowMist said a total of $610 million of cryptocurrency was transferred to three addresses. The researchers are working on grasping the attacker’s mailbox, IP, & device fingerprints to track identity clues. Poly Network has urged cryptocurrency exchanges to blacklist tokens that are coming addresses that were linked to hackers. Legal action will be taken against them. DeFi has become a soft target. In the first seven months of this year, it accounted for 54% of total crypto fraud volume versus 3% in the whole last year.

Source: CNBC

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