Investors worldwide are flocking to purchase cryptocurrencies, causing some governments to impose severe restrictions. The rise of legions of followers, including hundreds of new cryptocurrencies and a surge of blockchain-based enterprises, was spurred by the success of Bitcoin and other exciting crypto initiatives.
Despite all of the hoopla around cryptocurrency, many investors remain sceptical about virtual currencies’ security. Is it possible to hack these virtual currencies? Without a doubt!
A hacker who stole just over $600 million (£433 million) in cryptocurrency was offered $500,000 in exchange for returning the money, as well as immunity. After the hacker promised to return the funds, Poly Network made the contentious offer for the hacker. On Tuesday, the attempt was discovered after Poly Network openly pleaded with the hacker for assistance.
“Private corporations have no power to pledge immunity from criminal prosecution,” according to a former FBI official. The hacking heist is one of the largest in history. Poly Network says the person took advantage of a flaw in its technology.
The majority of the money has already been returned, albeit the hacker has stated that the action was undertaken for fun and that they are not interested in the reward. Shortly after the theft, the anonymous hacker taunted the corporation and asked for assistance on how to launder his stolen funds on the publicly accessible blockchain. The offender afterwards stated that he was “not interested in money” and vowed to return everything.
Most of the remaining assets in the hacker’s possession had been transferred to a digital wallet controlled by both the hacker and the company by Thursday evening, according to Poly Network. However, according to Tom Robinson, co-founder of Elliptic, London-based blockchain analytics and compliance firm, “the hacker still owns $33.4 million in stolen Tether [tokens] — since Tether itself has frozen it.”
According to Tom Robinson, the hacker was also holding “a few thousand dollars worth of various other tokens.” He also stated that “a few thousand dollars worth of various other tokens” could be seen on the blockchain.
However, it remained unclear whether they were part of the stolen assets or donations that the hacker sought on Thursday as a thank you for returning the money. In addition, a 13.37 Ether tip ($40,000) was provided by the hacker to a user who alerted them to the fact that the Tether tokens had been locked by its developer.
Mr White Hat was the hacker’s moniker, according to Poly Network. White hat hackers, according to Wikipedia, are ethical security researchers who use their abilities for the greater good by assisting corporations in identifying security problems. However, some security experts are outraged by the purported move, fearing that it could set a precedent for criminal hackers to white-wash their acts. “Labeling this hack as a white hat is simply incredibly upsetting,” says Katie Paxton-Fear, a white hat hacker and lecturer at Manchester Metropolitan University.
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