A decentralized financial (Defi) platform became the target of what is being considered the biggest cryptocurrency heist.

Hackers targeted the Poly Network platform to steal cryptocurrency worth over $600 million. The platform shared details of the digital wallets which are thought to belong to the hackers. They sent out a tweet requesting the hackers to get in touch with the platform to resolve the issue. Following the request, some of the stolen cryptocurrency was reportedly returned.

Theft, hacks and fraud in decentralized finance have hit an all-time high. The faltering safety along with the risk of investment has become a major concern for those who invest in digital currency. The latest cryptocurrency heist is being noted as the biggest theft.

On Tuesday, August 10 Poly Network disclosed that over $600 million in digital tokens had been lost due to the attack on the platform by hackers. Taking to Twitter, the platform shared that some assets from the platform have been transferred to a few addresses belonging to hackers. They shared the addresses which they identified as belonging to the hackers. They urged that tokens from the addresses should be blacklisted by miners and crypto exchanges, CNBC reported.

Taking steps to mitigate the situation, the platform stated that it would be taking legal action. Stating that the amount of money stolen being the biggest in Defi history, they said that the theft was a “major economic crime”. Advising the hackers not to do any further transactions, they asked them to get in touch with Poly Network.

Poly Network launched an investigation to find the vulnerability that the hackers exploited to commit the theft. They claim that the vulnerability between contract calls was what allowed the hackers to commit the crime. This dismissed the rumors that the hack was caused by a single keeper.

Paying heed to the platform’s request, the hackers apparently have begun returning the stolen tokens. Poly Network shared that tokens worth over $4.7 million had been returned as of Wednesday, August 11.

Tom Robinson, a co-founder of Elliptic, stated that due to the transparency of cryptocurrency, laundering large amounts of the token was difficult, Reuters reported. With exchanges being alerted of the addresses it would be hard for the hackers to do anything with their loot. No fallout has been noted in crypto prices since the massive theft.

Cryptocurrency, an all-digital money system, consists of "coins" or "tokens" controlled by a decentralized ledger. Forbes noted that regulators have ramped up scrutiny of digital assets despite most cryptocurrency transactions being legitimate due to the spate of elaborate financial crimes targeting victims worldwide. This is a representational image. Getty Images

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