Defi Platform Begs Hackers To Return $600 Million In Stolen Crypto.

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It doesn’t hurt to ask.
The decentralized finance platform (Defi) Ploy Network pleaded with hackers Tuesday morning to return approximately $600 million worth of cryptocurrency it said was stolen earlier that same day. If confirmed, the theft, which Poly Network said included wrapped bitcoin (WBTC) and wrapped ether (WITH), among other cryptocurrencies, would be one of the largest โ€” if not the largest โ€” in crypto’s tumultuous history.

“Dear Hacker,” wrote Poly Network in an open letter published shortly after the hack was made public. “We want to establish communication with you and urge you to return the hacked assets.”

The Poly Network protocol allows different blockchains to talk to each other and part of the burgeoning DeFi space. That is particularly relevant here, as the hack took place across three different chains: Binance Chain, Ethereum, and Polygon.

This hack, which Poly Network said was caused by a “vulnerability between contract calls,” will inevitably call into question the security of the larger DeFi space.

Those unfamiliar with decentralized finance will be able to make financial transactions without traditional intermediaries like banks – or even less conventional ones like cryptocurrency exchanges. DeFi uses intelligent contracts to (as its name suggests) decentralize finance.
And people are responding. According to DeFi Pulse, a Defi analytics site, as of the time of this writing, there is around $80 billion tied up in DeFi.

Notably, big players in the cryptocurrency world jumped into action following news of the theft, locking down some of the stolen funds in the process. The CTO of Tether (USDT), a controversial stablecoin, said he froze approximately $33 million worth of USDT following the hack.

Meanwhile, the CEO of Binance, a cryptocurrency exchange, pledged to “proactively assist.”

Poly Network will probably need all the help it can get.
According to the company, you hacked the most enormous amount of money in Defi’s history. Any country’s law enforcement will view this as a significant economic crime, and you will be pursued.”
The company offered an email address for the hackers to contact them.

The company was asked if it had received any response from the hackers and any idea who might have stolen the funds. We received no immediate response.
Whatever happens to these funds, the hack strikes a severe blow to DeFi’s reputation.