News Hackers Steal $600 Million in Crypto From DeFi Site Poly Network

[Admin]

Poly Network said $600 million in crypto managed on Binance Smart Chain, Ethereum, and Polygon was stolen.

Hackers Steal $600 Million in Crypto From DeFi Site Poly Network : Read more

 

[Phaaze88]

Other currencies are stolen in vast quantities worldwide.
This feels to me like one of those water is wet things.

 

[Blacksad999]

Yes, regular currency often gets stolen, but proportionally it happens significantly more often with Crypto. It's incredibly rare for a Bank have 600 million stolen, and even then there are safeguards in place. If someone wipes out your Crypto wallet, who are you going to call, exactly? Nobody, that's who.

 

[Phaaze88]

I dunno... some of the other currencies have been around much longer...

 

[spongiemaster]

Yes, regular currency often gets stolen, but proportionally it happens significantly more often with Crypto.

Not sure about that. I know far more people who have had their real wallet stolen or lost than their crypto wallet.

 

[2Be_or_Not2Be]

Not sure about that. I know far more people who have had their real wallet stolen or lost than their crypto wallet.

I know far more people who have never heard of a "crypto wallet" than ones who do know.

 

[spongiemaster]

I know far more people who have never heard of a "crypto wallet" than ones who do know.

Proportionally. I know quite a few people dabbling in crypto and not a single person personally who has had their crypto wallet stolen. I think it is safe to say, most people have had money stolen from them at some point in their life.

 

[Jim90]

Proportionally. I know quite a few people dabbling in crypto and not a single person personally who has had their crypto wallet stolen. I think it is safe to say, most people have had money stolen from them at some point in their life.

If this happened to a regular bank there would be a difference in outcome for the account owners.

 

[avg9956]

Its really because there's a lack of security involved with those DeFi blockchain networks. The attack vector often involves the smart contract when crypto transactions are made (i.e. staking/lending/transferring/withdrawing/depositing/etc.) and some exploit in the code. If only the custodian of the cryptocurrency is secure, then this should never have happened.

Here is an analysis of the said attack: analysis of the said attack
These sort of attacks have happened multitude of times , most especially if your wallet is connected to a DeFi service while you're doing any kind of transaction with crypto. If you're holding crypto, always best to store it on a cold wallet instead, disconnected from the internet.