Unexpected turn of events in the biggest crypto theft in history. Now the hacker or hackers say that they had never intended to steal them …
It appears that the biggest cryptocurrency theft in history will have a happy ending, although some experts have doubts that that ending is the true one.
On August 11, cybercriminals stole $ 600 million in cryptocurrency from Poly Network , a decentralized finance provider that allows users to transfer tokens between networks. This is the biggest crypto theft in history .
According to Reuters , he or the hackers took advantage of a vulnerability in the system that changes tokens from one blockchain to another, to steal them.
Stealing cryptocurrencies from within the blockchain is almost impossible , because thousands of computers would have to be hacked at the same time.
This is why hackers steal the individual wallets that contain them, or exploit bugs in the processes of transferring cryptocurrencies from one site to another.
All token movement operations (currency units) are recorded. But who owns them is an anonymous piece of information , almost impossible to trace. It is one of the strengths of cryptocurrencies, and also the biggest problem if they are stolen.
This murky matter has taken an unexpected turn, after Poly Network announced that they have contacted the hacker Mr. White Hat (in the jargon, a white hat hacker is an ethical hacker), who has assured them that the hack was ” for fun “, and that they never intended to keep cryptocurrencies.
Poly Network has offered him a reward of $ 500,000 for revealing the security flaw that allowed the theft, and in return they will return all the money . They have already returned more than $ 340 million.
A happy ending for the speculators … sorry, investors who own those cryptocurrencies, although the story is not so clear.
Some experts think that laundering those 600 million in cryptocurrencies is very complicated , so perhaps the hackers have thought better of it and have decided to negotiate a payment to return the cryptocurrencies , making it up as a reward for discovering a security flaw, to avoid the repercussions legal theft.
We do not know what the truth is, but in any case it is a happy ending for those involved who were afraid of losing their money.