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Highlights
- Poly Network stole around US $600 million worth of crypto coins from Poly Network
- A hacker named White Hat insisted that his motive was to keep the funds somewhere safe.
- The hacker exploited a security flaw in the Poly Network.
Poly Network received the final chunk of US $610 million, which the hacker dubbed as White Hat stole from the cryptocurrency network earlier this month. In what was dubbed as the biggest cryptocurrency heist ever, the hacker stole US $614 million in digital coins.
Approximately US $267 million of Ethereum, US $252 million of Binance coin and roughly US $85 million in USDC tokens were taken. The hacker has exploited the security flaw in Poly Network to make off with the funds. The Poly Network had, in fact, announced, at that point that it would give the unidentified person a US $500,000 bounty for helping them to figure out the security loophole.
The hacker immediately started returning the funds, stating that he intended only to point out the network's flaw. The Poly network, later on, offered Hat the role of a chief security advisor. Poly Network then began releasing the assets to the users. Poly Network is a Defi protocol that allows peer-to-peer transactions for its users to transfer or swap tokens across blockchains.
Attack to give impetus to cybercriminals
Many believe that this attack will give impetus to hackers to do similar activities. As cybercriminals would have closely monitored this hack, the chances of such attacks have increased. As it is an unregulated market, experts believe that from next time, cybercriminals may opt to adopt a stealthier approach while getting involved.
The entire reason for the heart change is unknown, but experts believe not all hackers will be ready to return the money.
Calls for crypto regulations increase
There has been a growing call for crypto regulations. In fact, Securities and Exchange Commission Chair Gary Gensler reached out to Senator Elizabeth Warren stating that the investors rights are not adequately protected. Senator Warren urged Treasury Secretary Janet Yellen to rectify the crypto risks.
In a letter to Yellen, Warren stated that the Financial Stability Oversight Council (FSOC) should ensure a safer crypto market. Warren said that the FSOC should regulate the market to ensure the safety and stability of consumers.
Conclusion
As the demand for cryptocurrencies grow, crypto regulations have become an important talking point. The Poly Network hack has in fact just added another dimension to the conversation. The agencies should realise that not every hacker will be so open to return the funds therefore, stringent measures are the only to regulate the market.
