Decentralized financial services come under heavy shock. The cryptocurrency system, which is trending as the newest trading, is in turmoil. Hackers have hacked the blockchain, which claims to be a robust security system. The cryptocurrency was plundered in a manner unknown to anyone in history.
12 thousand crores
Hackers attack Polygon blockchain technology. Thousands of crores of rupees worth of digital currency was stolen in the blink of an eye. The Poly NetWork app provided by Decentralized Financial Services has been hacked. According to the information available so far, 273 million tokens have been seized from Polynetwork for etherum 253 million tokens for Binance Smart Chain, 85 million US dollars, and 33 million worth of stable coins. A total of $ 611 million worth of cryptocurrency was stolen. In Indian currency, this equates to about Rs 12,000 crore.
Give back
The Poly network team wrote a letter to hackers who cracked black chain technology and hit cryptocurrency. It called for the return of the property stolen in the hacking. That said, the money you hit is huge in relation to the decentralized finance system. It warns that those who commit such heinous financial crimes will face the consequences later. This indicates that the money you hit cannot be reused.
DeFi app
Banks usually carry out financial activities, which are overseen by the central banks. All of these are subject to government regulations, local laws, and the Constitution and defy means decentralized finance. I.e., laws, government regulations, financial transactions that take place without intermediaries. This includes lending, borrowing, exchanging, profits, etc. However, cryptocurrency is used as an exchange. All this is done on the basis of artificial intelligence called BlockChain. The apps that provide these services are called DIAP, which means decentralized apps. The Poly Network Defy app, which works like this, has been hacked.
Disagreements
Netizens are reacting differently to the hacking of the Poly network. Many are of the opinion that the Rules and Regulations have been set up to curb such financial crimes and that this is what will happen if they go ahead and not them. Others say cracking blockchain technology is not easy, says hackers’ intelligence Hats off. Another view is that there will be no big advantage with hacked cryptocurrency. If the hacked money is returned.
Hackers Returned Cryptocurrency
However, The hackers responded to a request made by the Polygon Network. They deposited a portion of the misappropriated property into an account indicated by the Poly Network. $ 260 million was deposited in the hit property. Of this, Ethereum was worth $ 3.3 million, Binance Smart Coins $ 256 million, and Polygon $ 1 million, according to Poly networks. Hackers are transferring money back and forth to the Polygon network.
Poly Network announced on Twitter that hackers returned some portion of the hacked cryptocurrency was deposited.
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However, this biggest crypto hack has been questioning blockchain technology, which is considered the most secured technology in online transactions, and it was also considered as the future money by tech geeks.
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