Poly Network Exploited in the Largest Cryptocurrency Hack to Date

Cryptocurrency platform Poly Network revealed recently that they were hacked. The over $600 million dollar theft is the largest crypto hack to date, although the hacking itself was not a hack of the technology.  Instead, the hackers exploited a vulnerability within Poly Network’s system that allowed them to assign themselves the ownership of money processed through the platform. The site reported that $611 million in digital tokens were stolen although a significant portion of the assets were redirected to nonprofits and charities in a modern-day Robin Hood scenario.

As various cryptocurrencies like Bitcoin and Ethereum rise in investment popularity, more attempted hacks into cryptocurrency firms may occur as they have in the past.  In 2019, we saw the Italian exchange BitGrail lose $195 million in assets and in 2018, the Tokyo-based firm Coincheck was hacked and lost $530 million in digital tokens. If you’re concerned where the next attack is coming from and want to be protected, feel free to contact us about virus protection at info@optfinity.com.