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

Blacksad999

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Jun 28, 2020
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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.
 
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spongiemaster

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Dec 12, 2019
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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

Distinguished
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

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Apr 7, 2019
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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.
 

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