£433m stolen by hackers in cryptocurrency heist

Hackers have stolen around £433m of assets in what is believed to be one of the biggest cryptocurrency heists ever. A vulnerability in the system run by blockchain site Poly Network enabled the hackers to access digital tokens belonging to tens of thousands of users. Among the assets stolen is Ether currency, Binance coins and USDC tokens.

Poly Networks has published a letter to the hackers, urging them to voluntarily return the stolen funds, telling them: “Law enforcement in any country will regard this as a major economic crime and you will be pursued. It is very unwise for you to do any further transactions. The money you stole is from tens of thousands of crypto community members.”

The firm says that its initial investigation found that the hacker exploited “a vulnerability between contract calls”. It is urging cryptocurrency exchanges and users to block transactions from the hacker-controlled wallets.

Last month, insolvency firm Begbies Traynor warned that the UK government could potentially face ‘limitless’ losses as a result of businesses that accept payments in untaxed and untraceable cryptocurrencies going bust. It said that it could be an easy way for directors to hide cash from authorities and creditors, particularly in cases where companies are heading for closure. The UK Treasury is currently reviewing evidence from a consultation on how to regulate cryptocurrency.

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