One of the biggest challenges that the world of crypto is facing with all things having been considered and taken into account has to do with trust. There are a lot of problems that people face when it comes to trusting cryptocurrency, and matters are in no way helped by the fact that Poly Network, a widely known platform that facilitates P2P crypto transactions, recently became the victim of a heist. The hackers responsible for this heist ended up managing to hacking around $610 million in cryptocurrency.
This hack showed just how risky DeFi (Decentralized finance) can be, but with all of that having been said and now out of the way it is important to note that a lot of the crypto that was lost has now been recovered which is definitely a really surprising development. The total amount of crypto that was lost was $256 million in Bitcoin, $272 million in Ethereum and about $85 million in Polygon.
Pretty much all of the amount equals to Bitcoin that was stolen has now been returned by the Hacker. On the 11th of August, the Poly Network announced that $1 million in Poly and $3.3 million in Ethereum was recovered as well. As of the 12th of August, all of the Poly that was lost in the heist has now been recovered, however approximately $268 million in Ethereum is still left unaccounted for which means that the people that might have tried to invest in this cryptocurrency might still be wringing their hands anxiously.
One reason for the hackers returning so much money might have something or the other to do with how high the amount is. This amount of money is so utterly high that it would be virtually impossible to launder. Showing this amount of money pretty much anywhere in the world would have made the hackers seem far too visible, so even though the hack was able to occur the security of blockchain and how it manages to anonymously record transactions on the digital ledger might prove to be a layer of security that will continue to remain impenetrable.
Despite the return of so many funds, this hack will most definitely shake the faith that a lot of people might have had in crypto because of the fact that this is the sort of thing that could potentially end up making it more likely that investors could earn money. Hence, the hack has done quite a bit of damage to the reputation of both the Poly Network as well as crypto in general, and it might take a really long time for this damage to be repaired and for people to start regaining some of the trust that they had lost in this asset class.
Read next: Study Reveals Majority of Commercial Software is Highly Vulnerable
This hack showed just how risky DeFi (Decentralized finance) can be, but with all of that having been said and now out of the way it is important to note that a lot of the crypto that was lost has now been recovered which is definitely a really surprising development. The total amount of crypto that was lost was $256 million in Bitcoin, $272 million in Ethereum and about $85 million in Polygon.
Pretty much all of the amount equals to Bitcoin that was stolen has now been returned by the Hacker. On the 11th of August, the Poly Network announced that $1 million in Poly and $3.3 million in Ethereum was recovered as well. As of the 12th of August, all of the Poly that was lost in the heist has now been recovered, however approximately $268 million in Ethereum is still left unaccounted for which means that the people that might have tried to invest in this cryptocurrency might still be wringing their hands anxiously.
One reason for the hackers returning so much money might have something or the other to do with how high the amount is. This amount of money is so utterly high that it would be virtually impossible to launder. Showing this amount of money pretty much anywhere in the world would have made the hackers seem far too visible, so even though the hack was able to occur the security of blockchain and how it manages to anonymously record transactions on the digital ledger might prove to be a layer of security that will continue to remain impenetrable.
Despite the return of so many funds, this hack will most definitely shake the faith that a lot of people might have had in crypto because of the fact that this is the sort of thing that could potentially end up making it more likely that investors could earn money. Hence, the hack has done quite a bit of damage to the reputation of both the Poly Network as well as crypto in general, and it might take a really long time for this damage to be repaired and for people to start regaining some of the trust that they had lost in this asset class.
Read next: Study Reveals Majority of Commercial Software is Highly Vulnerable
