The developers of Poly Network, a decentralized finance platform that facilitates peer-to-peer across blockchains, said on Tuesday that hackers stole about $600 million in cryptocurrencies.
Poly Network later urged the hackers to return the stolen funds to several of its digital addresses, saying it planned to take legal action.
$258 million in stolen tokens has been returned, according to public blockchain records and crypto tracking firm Elliptic.
The retrieval of some of the tokens underscores the difficulty of laundering large amounts of stolen crypto.
Decentralized finance platforms allow financial transactions, usually in cryptocurrency, without traditional gatekeepers such as banks or exchanges.
The sector has boomed over the last year, with platforms now handling more than $80 billion worth of digital coins.
Poly Network allows users to swap tokens across different blockchains for Bitcoin, Ethereum, Neo, Ontology, Elrond, Ziliqa, Binance Smart Chain, Switcheo, and Huobi ECO Chain.
Regulators have increased their scrutiny of crypto platforms as investors pour billions of dollars into digital currencies. Senator Elizabeth Warren recently asked SEC Chair Gary Gensler to investigate the SEC’s ability to oversee trading on crypto platforms.
In response, last week, Gensler said: “Right now, I believe investors using these platforms are not adequately protected.”
Thoughts
In this world of investor speculative insanity 1 Bitcoin = $46,372.50.
In reality not the world of investor speculative insanity the Digiconomist’s Bitcoin Energy Consumption Index estimated that one Bitcoin transaction takes 1,544 kWh to complete, or the equivalent of approximately 53 days of power for the average US household.
1 kWh = 13.31 cents in the United States, where most of its power is coming from dirty energy sources like natural gas and coal. Clean energy like we have in Vermont is 17.01 cents per kWh.
In the real world 1 Bitcoin = (MINUS) – $205.50. Plus, all the negative effects on the increased power consumption that is polluting our world.
The losers involved in this technology is a major problem for the survival of our species. There is no real value of Bitcoins, just huge expenses.
I was flying from Miami Florida to Burlington Vermont last week with a connection thru Philadelphia. I was in the front of the aircraft and was sitting in my seat as the rest of the plane was being boarded.
At the last minute before the door was closing this tall overweight man came running on board with his large wife and 6 large children. He had a black xx-Large t-shirt on that was promoting Bitcoin mining.
He started yelling at the flight attendants that they messed up and had his family all sitting in non-connecting seats, and demanded that everyone on the plane get off and allow him and his family pick their seats, since its obvious the airline made such a huge mistake and he and his family were the most important humans on the face of this planet and must all seat together.
We all in the front of the plane started laughing thinking this man was joking, but he was not. Our laughter just made him even more angry. The flight attendants were professional and said, you can take these seats or get off the plane. He and his family took the seats but complained about how they were being treated unfairly.
I thought to myself wow a Bitcoin Miner. Total loser. We can’t have these people in our society. They are not team players, and they are bad for our environment and the survival of humans.
Andrew Yang, the former Presidential candidate who’s was also running for mayor of New York City and lost, has said that he wants to turn the city into a cryptocurrency-mining hub.
It’s hard to imagine a worse idea. The city is already looking at spending billions of dollars to protect itself from sea-level rise; increased emissions are pretty much the last thing it needs.
Forward-looking politicians should be thinking about ways not to buoy bitcoin mining but to bury it.
Investors need to wake up, crypto platforms suck. Time to move on.
If Bitcoin mining wasn’t such a huge resource hog, and a cause of Global Warming then maybe its a good moral investment, but it is not. The fires in California and Greece, the hurricanes, and the melting ice, over what a stupid token?
Wake up people.
As Forrest Gump says, “Stupid is As Stupid Does”
References:
Reference 1: CNN – Crypto Hack.
Reference 2: zdnet.com – Biggest Cryptocurrency Theft.
Reference 3: reuters.com – Hacking Loses Estimated 600 Million.
Contact us today toll free 1-888-392-9623 to find out more on how Adept Technologies can save you money by utilizing our services and software technology.
