How does bitcoin get stolen

Bitcoin users are assigned private keys, which allows access to their bitcoins. Hackers can infiltrate wallets and steal bitcoins if they know a user’s private key.

Who is the Poly Network hacker?

Mr White Hat

The Poly Network hacker, ‘ Mr White Hat ‘, has refused to cooperate and return the stolen coins; wants $33 million worth of stablecoins to be unfrozen. To make things comfortable for the attacker, the Poly Network team has offered a $500,000 bounty for discovering the exploit.

Which cryptocurrency has been hacked?

One of the biggest heists happened in early December, when the crypto trading platform Bitmart announced that hackers broke into a company account and stole almost $200 million. The company froze all customer transactions for three days before it allowed them to trade their money again.

What was the vulnerability in Poly Network?

So, how did it happen? The hacker allegedly exploited a flaw in Poly Network’s digital contracts code to steal the funds, making off with more than $610 million worth of crypto in the attack. Currently, Poly Network operates on the Binance Smart Chain, Ethereum, and Polygon blockchains.