The Poly Network – which hosts several blockchains such as Binance, Ethereum and Polygon – has been hacked, resulting in more than $610 million worth of cryptocurrency being stolen. This is the largest decentralized network attack in the history of the cryptocurrency space.

The Poly Network Is the Latest Crypto Hack Victim

In a recent Q&A session regarding the event, a participant spoke out and claimed to be the person behind the attack. In the session, the individual said that they had simply engaged in the hack “for fun.”

The person explained:

When spotting the bug, I had a mixed feeling. Ask yourself what to do had you been facing so much fortune. Asking the project team politely so that they can fix it? Anyone could be the traitor given one billion! I can trust nobody! The only solution I can come up with is saving it in a trusted account while keeping myself anonymous and safe.

Since then, Tom Robinson – chief scientist at blockchain analytics firm Elliptic – has conducted a series of tests regarding the event and concluded that the person involved in the Q&A was indeed the hacker. He has since stated:

The messages are embedded in transactions sent from the hacker’s account. Only the holder of the stolen assets could have sent them.

The Poly Network was able to decipher which crypto addresses belonged to the hacker. The network then published these addresses on social media and reached out to potentially affected blockchains, requesting that they blacklist any funds stemming from these wallets. The company explained in a statement:

We call on miners of affected blockchain and crypto exchanges to blacklist tokens coming from the above addresses. We will take legal action and we urge the hackers to return the assets.

The Poly Network also reached out to the hacker, stating that it wanted to resolve the situation peacefully before turning to the authorities. In an open letter posted on Twitter, the network said:

Dear hacker, we want to establish communication with you and urge you to return the hacked assets. The amount of money you hacked is the biggest in defi [decentralized finance] history. 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. You should talk to us to work out a solution.

Getting Some Funds Back

In a surprising twist, the letter appeared to have some sort of effect, as at the time of writing, the hacker has ultimately returned half of the stolen funds. The individual behind the attack later explained the reason for returning the money:

That’s always the plan. I am not very interested in money. I know it hurts when people are attacked, but shouldn’t they learn something from those hacks?

Tags: hack, Poly Network, Tom Robinson

Bitcoin Cash Price Prediction – August 14

The Bitcoin Cash price is recovering from the daily low of $642 level as the price remains within the short-term bullish trend.

BCH/USD Market

Key Levels:

Resistance levels: $750, $800, $850

Support levels: $550, $500, $450

BCH/USD is recovering from the intraday low of $642 after hitting the daily high at the $676 resistance level. At the time of writing, the Bitcoin Cash is changing hands at $664, having gained over 1.4% since the beginning of the European session. However, with latest the recovery, the digital asset is currently creating a higher high above the upper boundary of the channel.

Bitcoin Cash Price Prediction: Can BCH Break Above $700?

The Bitcoin Cash price is currently moving to cross above the upper boundary of the channel at the price level of $665.85. However, if the bulls maintain the upward trend, BCH/USD may likely stay above the channel which could push the coin to the resistance levels of $750, $800, and $850, keeping the price at the upside. In other words, any strong selling pressure may drag the price below the 9-day and 21-day moving averages if the bears step back into the market.

However, should in case Bitcoin Cash trade below the daily opening price of $654, a bearish continuation could bring the price to the supports of $550, $500, and $450. Meanwhile, the Relative Strength Index (14) is seen moving within the overbought region, indicating a possible bullish movement may continue.

When compares with Bitcoin, the BCH bulls are now showing little commitment to the market movement. However, following the recent positive sign, the current market movement may continue to follow an uptrend if the buyers continue to push the price above the upper boundary of the channel.

Moreover, as the technical indicator Relative Strength Index (14) is moving to cross above 70-level, once it moves above this barrier, the market price could resume an upward trend to touch the resistance level of 1600 SAT and above. Meanwhile, a retest below the 9-day and 21-day moving averages could lower the price to the support level of 1200 SAT and below.

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