$600 MILLION CRYPTO STOLEN

Over $600 million of crypto was just stolen – here’s what will happen next.
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Over $600 million of crypto was just stolen. Here is what will happen next and how those people may get their money back.

WHAT WAS STOLEN?
$273 million in Ethereum, $253 million tokens of Binance Smart Chain, and $85 million USDC. The platform that was compromised is polynetwork which is a decentralized exchange (no relationship to Polygon)

HOW WAS IT STOLEN?
The attacker was able to modify the keeper key with a very sophisticated work around. https://slowmist.medium.com/the-root-cause-of-poly-network-being-hacked-ec2ee1b0c68f

CAN PEOPLE GET THEIR MONEY BACK?
There are technically 3 methods of recovering the funds.

Method 1:
Find the person responsible and hopefully convince them to reverse the transaction (unlikely)

Method 2:
Hope the attacker is a “white hat” and reverses the transactions.

Method 3:
The cryptocurrencies affected do what’s called a “hard fork”. This would affect all of us. Here is how that would work. In 2016, roughly $50 million of Ethereum was stolen. Instead of finding the attacker, Ethereum hard forked.

This created two separate forks, one where the attacker was successful and the other, where the transaction was reversed. This is how Ethereum classic was created.

The people who held Ethereum Classic (ETC) believed crypto should be immutable and that no one should be able to rewrite the blockchain history. People who sided with Ethereum (ETH) wanted to reverse the transaction and help people restore their money.

Hopefully this situation works out!

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Kane Dane