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


Jun 28, 2020
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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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.
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.