Hackers pulled off the biggest cryptocurrency heist on Tuesday, stealing $613 million in digital coins from token-swapping platform Poly Network, only to return $260m worth of tokens less than 24 hours later, the company said.
Here's what we know so far about the heist.
What is Poly Network?
A lesser-known name in the world of cryptocurrency, Poly Network is a decentralised finance (DeFi) platform that facilitates peer-to-peer transactions with a focus on allowing users to transfer or swap tokens across different blockchains.
For example, a customer could use Poly Network to transfer tokens such as Bitcoin from the Ethereum blockchain to the Binance Smart Chain, perhaps looking to access a specific application.
It was not immediately clear from Poly Network's website where the platform is based or who runs it. According to specialist cryptocurrency website Coindesk, Poly Network was launched by the founders of Chinese blockchain project Neo.
How did hackers steal the tokens?
Poly Network operates on the Binance Smart Chain, Ethereum and Polygon blockchains. Tokens are swapped between the blockchains using a smart contract that contains instructions on when to release the assets to the counterparties.
One of the smart contracts that Poly Network uses to transfer tokens between blockchains maintains large amounts of liquidity to allow users to efficiently swap tokens, according to cryptocurrency intelligence firm CipherTrace.
Poly Network tweeted on Tuesday that a preliminary investigation found the hackers exploited a vulnerability in this smart contract.
The hackers appeared to override the contract instructions for each of the three blockchains and diverted the funds to three wallet addresses (digital locations for storing tokens), according to an analysis of the transactions tweeted by Kelvin Fichter, an Ethereum programmer. These were later traced and published by Poly Network.
It is unlikely that white hat hackers would steal such a large sum. It's hard to know the motivation ... Let's see if they return the whole amount
Gurvais Grigg,
chief technology officer, Chainalysis
The attackers stole funds in more than 12 different cryptocurrencies, including Ether and a type of Bitcoin, according to blockchain forensics company Chainalysis.
A person claiming to have perpetrated the hack said they had spotted a "bug", without specifying, and that they wanted to "expose the vulnerability" before others could exploit it, according to digital messages posted on the Ethereum network published by Chainalysis. Reuters could not verify the authenticity of the messages.
Where did the money go?
As of late Wednesday, the hackers had returned $260m of the assets, Poly Network said, but $353m was outstanding. It is unclear where the remaining assets have gone.
Coindesk reported on Tuesday the hackers had tried to transfer assets including Tether tokens from one of the three wallets into liquidity pool Curve.fi, but that transfer was rejected. About $100m has been moved out of another wallet and deposited into liquidity pool Ellipsis Finance, Coindesk also reported.
Curve.fi. and Ellipsis Finance could not immediately be reached for comment.
Who is the hacker?
The hacker – or hackers – has not yet been identified.
Cryptocurrency security firm SlowMist said on its website it has identified the attacker's mailbox, internet protocol address and device fingerprints, but the company has not yet named any individuals. SlowMist said the heist was "likely to be a long-planned, organised and prepared attack".
Despite the purported hacker posing as a so-called "white hat", an ethical hacker who aimed to identify the vulnerability for Poly Network and had "always" planned to give the money back, according to the messages published by Chainalysis, some cryptocurrency experts are sceptical.
It is unlikely that white hat hackers would steal such a large sum, Gurvais Grigg, chief technology officer at Chainalysis and former FBI veteran, said. They had probably returned some of the funds because it had proved too difficult to convert them into cash, he added.
"It's hard to know the motivation ... Let's see if they return the whole amount," he added.
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Company name: Letstango.com
Started: June 2013
Founder: Alex Tchablakian
Based: Dubai
Industry: e-commerce
Initial investment: Dh10 million
Investors: Self-funded
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British aristocrat Lord Carnarvon, who funded the expedition to find the Tutankhamun tomb, died in a Cairo hotel four months after the crypt was opened.
He had been in poor health for many years after a car crash, and a mosquito bite made worse by a shaving cut led to blood poisoning and pneumonia.
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Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
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The number, in kilograms, that Swarovski’s wedding gown weighed.
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How many looks Cinco has created in a new collection to celebrate Ballet Philippines’ 50th birthday
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The hours needed to create the butterfly gown worn by Aishwarya Rai to the 2018 Cannes Film Festival.
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The number of followers that Michael Cinco’s Instagram account has garnered.
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UAE tour of the Netherlands
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Fixtures:
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Wednesday, 2nd 50-over match
Thursday, 3rd 50-over match
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
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Investment raised: $4 million
Company%20profile
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Toss: Sindhis, elected to field first
Pakhtoons 137-6 (10 ov)
Fletcher 68 not out; Cutting 2-14
Sindhis 129-8 (10 ov)
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Welterweight:
Abdoul Abdouraguimov (champion, FRA) v Jarrah Al Selawe (JOR)
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Killing of Qassem Suleimani
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Killing of Qassem Suleimani
