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Poly Network Hacked Funds Being Returned!

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@agr8buzz
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One of the biggest hacks in DeFi history is winding down with a positive twist as hackers decide to return some of the stolen funds.

LARGEST HACK IN CRYPTO HISTORY

Not only in crypto history but ranks up there in the history of money too!

Looking at some of the largest bank heists ever recorded, it would be right up there among the best of them:

1 - Bank of Iraq - $920 Million 2 - Dar Es Salaam Bank - $282 Million 3 - Knightsbridge Security Deposit - $97 Million

Source: moneywise.com

Based on the top 3 physical bank heists, comparatively speaking the Poly Network hack would be firmly in the number two spot!

Lest we forget Mt Gox

Mt Gox saw apx 850,000 BTC stolen, which had a value at the time of around $450 Million. In todays value that would be in the area of $20 Billion with a capital B... sadness.

LARGEST HACK IN CRYPTO HISTORY

https://www.youtube.com/watch?v=O6M2JuIsCrQ

For better or worse fact is it's harder to move digital money around in a low key way in a centralized finance world.

Centralized Networks Are Shutting Out Addresses

The wallet addresses of the alleged hackers are known, as a result we can see and track where the funds are going.

In an effort to shut down the hacker and stop these funds from being laundered and transferred to additional wallets centralized exchanges and networks have been asked to black list the associated addresses.

This includes the Tether network!

That's the CTO of Tether saying they have frozen $33 Million in USDT "as part of the Poly Network hack".

If you agree with this or not it is what it is, and serves as a reminder that centralized networks have the ability to render your coins useless at any given moment, whether acquired by legitimate means or not.

Hacked Funds Being Returned?

As of the time of writing this post it's estimated that as much as $300 Million in stolen funds have been returned.

Is this the result of legal threats, and centralized networks ability to blacklist addresses and freeze funds? Only the hackers would be able to answer that question.

At least there appears to be a silver lining in that some of the funds are being returned and less users and platforms will end up completely wrecked at the end of the day.

Being hacked sucks and I feel for anyone that looses there funds, especially when they've done their due diligence to protect their wallets and still end up on the shit end of the deal.

In reality funds being held behind your wallet with private keys are super safe, however when left on centralized exchanges and even decentralized finance platforms there's certainly an increased element of risk.

Ciao for now,

@agr8buzz


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