An interesting development, but also one that causes a lot of concern.īIG Blockchain Intelligence Group’s Robert Whitaker comments: One would have assumed all exchanges to block the stolen funds, but that is not the case. Why the money is going through this unnamed exchange in Vancouver, remains a big mystery. Based on the internal tools used by BIG Blockchain Intelligence Group, the result cannot be ignored whatsoever. Converting several hundred million of funds in quick succession is not all that easy. More specifically, it seems the funds are being laundered as of right now. An Interesting Statement by BIG Blockchain Intelligence Group This is the result of an internal investigation, although few details have been made public as of right now. It seems a Canadian exchange is involved in this particular development. If the BIG Blockchain Intelligence Group is to be believed, they found how the money was laundered. So far, there has been no trace of this fund whatsoever. With 500 million NEM stolen, things are not looking good. It is evident the theft of Coincheck’s funds has been a cause of concern. That in itself is pretty worrisome, although recovering the money is no longer an option. According to BIG Blockchain Intelligence Group, the stolen funds have been laundered through a Vancouver-based exchange. The mounting lawsuits are a big problem already, but it’s only the tip of the iceberg. Only the headline has been changed.For those who thought things couldn’t get worse for Coincheck, the reality is very different. This story has been published from a wire agency feed without modifications to the text.
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But technical flaws and weaknesses in their computer code can make them vulnerable to hacks.
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Proponents of DeFi say it offers people and businesses free access to financial services, arguing that the technology will cut costs and boost economic activity. The sector has boomed over the last year, with platforms now handling more than $80 billion worth of digital coins. The thefts illustrated risks of the mostly unregulated sector and may attract the attention of regulators.ĭeFi platforms allow parties to conduct transactions, usually in cryptocurrency, directly without traditional gatekeepers such as banks or exchanges. The Poly Network attack comes as losses from theft, hacks and fraud related to decentralised finance (DeFi) hit an all-time high, according to crypto intelligence company CipherTrace.Īt $600 million, however, the Poly Network theft far outstripped the $474 million in criminal losses CipherTrace said were registered by the entire DeFi sector from January to July. Gox exchange, also based in Tokyo, collapsed in 2014 after losing half a billion dollars in bitcoin.
The size of the theft was comparable to the $530 million in digital coins stolen from Tokyo-based exchange Coincheck in 2018.
It was not immediately clear where the platform is based, or whether any law enforcement agency was investigating the heist.
Poly Network did not respond to requests for more details. "Even if you can steal cryptoassets, laundering them and cashing out is extremely difficult, due to the transparency of the blockchain and the broad use of blockchain analytics by financial institutions," said Robinson. An executive from cryptocurrency firm Tether said on Twitter the company had frozen $33 million connected with the hack, and executives at other crypto exchanges told Poly Network they would also try to help.
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