In case cryptocurrency investors didn’t have enough epiphanies for future investment, here comes the news that hackers are said to prolong the full return of money.
According to the hackers, they may take advantage of the bounty offered by Poly Network by returning the funds and using the funds to reward anyone else who can hack the Defi website.
The hack of Poly Network was benign compared to other massive data breaches, even though hackers stole more than $600 million in cryptocurrency. On Monday, Reuters reported that the “white hat” hacker or hackers had returned nearly all of the stolen money within days following the heist.
Over the weekend, cryptocurrency investors seemed to have shrugged off the news, as indicated by the price of Bitcoin reaching its highest level in three months, according to CNBC, while the total value of cryptocurrency rose back above $2 trillion for the first time since mid-May.
As reported recently, the PolyNetwork hack, which occurred on Tuesday, was the largest DeFi hack in history. Poly Network was hacked on the DeFi exchanges Polygon, Ethereum, and Binance Smart Chain. Poly networks are cross-chain protocols. In addition to acting as a bridge between different blockchains, a cross-chain protocol allows for transfers between protocols.
Market watchers downplayed the effects of the breach despite the hack receiving lots of headlines, especially since it occurred at a time when the crypto market was experiencing declines amid increased regulatory scrutiny. It might even serve as a wake-up call.
The DeFi Alliance’s Imran Khan explained how those that have been familiar with the crypto landscape for a while aren’t naive to these exploits. Our economy is very young, and these economic hacks are simple ways to improve the overall ecosystem over time, were Khan’s views.
Dan Matuszewski, co-founder of CMS Holdings, took a more cautious tone, expressing that while he does not think people care about the hack, “it’s not good, and people will be more cautious going forward.” There’s no denying the fact that this is a risky segment of our industry. This is a cross-chain product. There are no riskier places than these.
Alpex believes that the thefts illustrate the risks of mostly unregulated industry and may attract regulators’ attention.
Platforms like DeFi enable parties to transact directly, usually in a cryptocurrency, without traditional intermediaries like banks or exchanges. Digital coins are now worth more than $80 billion on platforms handling more than 80 billion dollars worth of coins per year.
Several DeFi proponents argue that DeFi will boost economic activity and reduce costs by providing access to free financial services. The computers’ code can, however, be vulnerable to hackers due to technical flaws and weaknesses.
