The hackers behind one of the largest crypto-heists ever carried out have returned over one-third of the stolen assets to the original platform, in an unprecedented move.
On Twitter, Poly Network, the peer-to-peer trading platform at the centre of the incident, announced that the criminals had bizarrely returned $260m of the total amount procured back to the company, but that a whopping $353m in digital coins still has yet to see its way back into rightful hands.
Poly Network, which allows the trading of various different blockchain-based digital currencies had threatened the hacking group with strict legal action if the sum in its totality was not sent back, however, many viewed this as an exercise in futility due to the black hat collective’s relative anonymity, as well as the difficulty, if not impossibility, of tracing blockchain-based currency transfers to specific individuals.
According to some sources, the vulnerability that the hackers took advantage of may have been based around Poly Network’s digital contracts.
Elliptic co-founder, Tom Robinson, chimed in on why the criminals may have decided to return these assets, claiming it was likely due to the extreme difficulty of converting the assets to fiat while maintaining anonymity.
"Even if you can steal crypto assets, laundering them and cashing out is extremely difficult, due to the transparency of the blockchain and the broad use of blockchain analytics by financial institutions(...)"
06 October, 2021 | #Cryptonews
Hackers Turn In $260m in Stolen Crypto Back to Platform
Related articles
What is Verify Once and How Does It Work?
Fraud is a huge problem today. Each year, millions of people worldwide are thought to be a victim of identity theft each and every year, in addition to insurmountable amounts of profits lost by businesses for similar reasons. It is why many governments around the world have introduced various Know Your Customer (KYC) and Anti Money Laundering (AML) laws to counteract this. It is extremely likely that you have had to verify your identity - by providing a copy of your driving licence, passport or identity card – when applying for services or buying goods online (especially financial products and services). This process causes problems for both individuals and businesses. For individuals, it can take many hours or even days to become verified, by which time you may not need the product or service anymore or have found another quicker alternative. Likewise, for businesses to check the identity of all customers in such detail is very time consuming, costly and harms conversion rates. Verify Once has been built to solve these issues. We know it can be frustrating to keep verifying your identity with each new company you wish to buy products from or whose services you wish to use. Especially when this process can take many hours or even days, leaving you without the product or service you need - perhaps desperately. The reason why we created Verify Once was to reduce the time and need to go through the verification process with multiple companies online and keep providing the same documentation again and again. This is why Verify Once does exactly as its name indicates. All you have to do is verify once, and you will never have to verify again in the Dagcoin ecosystem. But what do you need to do to verify yourself once and for all, and how long does it take? Getting verified with Verify Once is a quick and easy process that takes just a couple of minutes. All you have to do is enter your personal details, and upload a copy of a valid identity document as well as proof of address. Hit submit and you will receive an answer in just 60 seconds. Once your documents have been verified, they will be connected to the email address you registered on the Verify Once platform. To ensure that you and you alone have access, your account will be password protected. Meaning that only you have access to your verification data, all approved accounts with different companies/websites, and the possibility to apply for verified accounts with new businesses whose products you wish to buy or whose services you wish to use. Verify once - and never go through verification again in the Dagcoin ecosystem with any merchant that accepts VerifyOnce. But it isn’t just individuals that are at risk. Ecommerce, online gaming, and even social media companies are at high risk. Anyone with an e-commerce shop will be all too aware of chargebacks and fraudulently used card details. The new wave of Know Your Customer (KYC) and Anti Money Laundering (AML) laws are therefore widely welcomed. However, understanding and meeting these legislations can be difficult. Some larger companies and even smaller ones have taken specialist legal, AML or fraud staff on board in an effort to meet these new laws. But staff are often not just needed to set up and update these processes, but also to monitor and verify customer applications and accounts on a daily basis. This can lead to all kinds of outcomes, businesses that can verify customers quickly and efficiently, while at the same time greatly reducing fraud, can grow significantly. While companies with a slow, inefficient or weak process can see far lower customer conversion rates, and increased cases of fraud, criminals see them as a weak link in the industry. Verify Once processes and verifies customers, so you don’t have to. Saving you both time and money. At the same time meeting, all necessary Know Your Customer regulations. This is done by using state of the art technology which is fast, secure, automated, and integrated with artificial intelligence. Meaning that as criminals adapt and improve, so will the system. Conclusion Fraud costs both individuals and businesses around the world billions each and every year. This is why governments around the world have introduced various Know Your Customer and Anti Money Laundering Laws. This means as individuals you are often asked to confirm your identity by providing a copy of your ID, driving licence or passport when buying products or applying for services online. Businesses ask for this information not just to meet these regulations, but to keep you safe and prevent revenue losses to fraud. However, for individuals, the verification process can be time-consuming and repetitive (having to submit the same information again and again to different companies). And, for businesses, it is costly in terms of hiring the staff to check through your data and hiring experts to set up these processes. Verify Once gives you the chance to verify just once and then buy any products or apply for any service without needing to verify again in the Dagcoin ecosystem (with any Verify Once partner) and for businesses the safety and security of a system that meets KYC regulations, while at the same time cutting costs dramatically. Visit https://verifyonce.com to learn more.
What’s DAG-chain and How Does It Work?
Every day more and more people are switching to opportunities created by cryptocurrencies. While blockchain is currently the focus of many technology companies, DAG technology presents a viable alternative for different technological verticals: reducing transaction costs, improving transparency and increasing efficiency - all whilst providing a sustainable platform for companies to maintain the integrity of digital assets and transactions. In a highly competitive marketplace, DAG could really be the future of cryptocurrency. What is DAG-chain? Directed Acyclic Graph (DAG) technology provides a new and unique way of imbuing all the benefits of blockchain within a more succinct system. Like blockchain, users on a network can secure each other’s information by referencing the previous unit transactions they created. However, unlike blockchain, DAG-chain transactions are confirmed between users in topological ordering. This means that information with any given value can only go from earlier to later in the sequence and does not have to loop back on itself to gain verification. This cuts out a lot of time making transactions and requires far less power to activate. Data is therefore sent from one node to another without having to loop back or follow a particular route. Think of it like a river that continues its course forwards in a sequential stream. Over time, tributaries join this river without slowing it down but instead creating a more powerful and faster flow. This river is always directed in a certain direction and does not have to go backwards to reach its final destination. This technological advancement allows DAG-chain to be used by larger communities as it's more scalable. What's more, the bigger the user base, the faster the transactions become without affecting the cost.
How Should Currencies Like Dagcoin Be Valued?
What is the true value of something? Items we purchase can also lose value over time as a result of wear and tear or new and better technologies. Computers and phones are great examples of this. Buy a $1000 smartphone today, and in just 5 short years it will be practically worthless. But what exactly creates the value behind the money in our pockets or the cryptocurrencies in our digital wallets? And, should this change? How Were Regular Currencies Valued? Classic metal coins – what we would call money today – began to enter circulation thousands of years ago. This money gained its value from the material it was made of, a gold coin obviously being more valuable than a silver, bronze, or even copper coin. This system was in place until the advent of paper money which worked on the premise that paper or non-precious metal coins provided by a bank or government could be exchanged for a certain amount of a precious metal if the holder of the money wished. For example, one British Pound used to be exchangeable for approximately 450g of silver. How They’re Valued Today However, today, no major currency in the world bases its value on an exchangeable weight of gold, silver or any other metal. The problem with this was that no country could increase how much money was in circulation without also increasing the amount of gold, silver, etc., that it held in its reserves. A fiat currency creates its value based on how much of the currency is in circulation, the number of people who are using it, as well as the health of the national economy it is from. This kind of currency gives governments more options. For example, when we look back at the financial crisis 10 years ago, governments were able to print more money. This meant that there was more money in the system that could be lent out to both individuals and businesses who could use this to buy goods or services, hire more workers or expand operations, the aim being to stimulate growth. What Should The Value of Cryptocurrencies Be Based On? We must understand that with cryptos, there is no bank or government in control of them and that almost all of them have a fixed number of coins in circulation or that can be mined. For this reason, no additional coins can be created to stimulate an economy during a downturn or even be taken away when inflation is too high. Cryptocurrency can only realistically be based on the size of the community using it, the number of businesses who accept and the number of transactions that take place each day using it. This is why Dagcoin has been created with a focus on usability. This has been done by creating a free suite of software to make it easy for businesses to start accepting Dagcoin. This software attracts merchants, which attracts users, which in turn attracts more merchants, and so on. So far Dagcoin has grown to over 300,000 users and 700 merchants worldwide. This focus on usability also means that Dagcoin cannot be traded and is found on no such exchange for that reason. Once the community is huge, Dagcoin will be valued by the laws of supply and demand. This will happen when the usability has reached levels that the price of Dagcoin is not influenced by trading. Conclusion Today, money gains its value from the government of the nation that controls it, the number of people using the currency and the state of the national economy. People have trust in the currency and trading does not influence the everyday price of it. Cryptocurrencies cannot gain their value in the same way in the beginning, therefore the value must be first based on: The number of people using the coin The number of businesses that accept the coin The number of daily transactions using the coin …and that’s exactly how and why Dagcoin is valued in this way.
Latest articles
With Dagcoin, transaction delays are a thing of the past
One of the things the information age has taught us is that everything can always be done faster. We all expect bank transactions to be immediate, however with current banking systems, that is not the case. There are often long confirmation times even for local transactions but with Dagcoin, you can enjoy the DAG advantage. Here are 5 common reasons why your bank transactions could be delayed: Bank holidays and weekends As banks require a large number of manual processing for transactions, when bankers rest, the transactions stop. This means transfers can only be processed during specific timeframes. For instance, when doing business with the MENA region, weeks are from Sunday to Thursday, and the rest of the world works from Monday to Friday. This means there are only four common working days, from Monday to Thursday. In countries like UAE during Eid, or China during the Golden Week, banks are closed for a little more than one week, and transactions can take up to two weeks or longer to be approved. Time differences The length of time it takes for an international bank transfer to be fully processed might greatly depend on the time zones involved. Your bank transfer will take considerably longer if you send money to a location with a big time difference. The transaction can start being processed up to 24 hours after you send it and it will take a few working days to receive confirmation. However, even for a local bank transfer, timing is crucial. Payments processed at the close of business are usually sent the following business day. DAG advantage: Our DAG-chain technology enables our users to make transactions within 30 seconds on average. No matter the time, date, or season, you can enjoy fast transactions with Dagcoin. Currency exchange When making international transfers in different currencies, there are more transaction touchpoints. The transfer is often processed by multiple banks before it reaches the final destination. With the backlog of other transactions, international transfers can be anything from a few days to weeks. DAG advantage: When it comes to international transfers, there is no need for currency exchange, you can purchase the goods and services in dags so there is no need for extra touchpoints in the transaction. The dags will be transferred in less than a minute. Incorrect payment details One of the most common delays in money transfers originates from human error in entering transaction details. The bank will not approve a transaction with even one wrong letter or number. This leads to the rejection of the transaction and the money being sent back to the sender’s account, and they will have to start the transaction all over again. This is an expensive and time-consuming exercise. Missing paperwork When making international transfers there are different monetary laws for each country and there should be paperwork that needs to be processed for the transfer. Failure to submit one document could lead to severe delays. DAG advantage: With Dagcoin, there is also no need to worry about paperwork, countless documents, monetary laws, human errors in entering details, and so much more because Dagcoin uses Know Your Customer (KYC) to verify users on the Verify Once platform. KYC validates the identity of the user who is associated with a certain wallet. You can transfer dags to the verified user by clicking a link they send to you or scanning their wallet barcode. Once you approve the transfer, they will receive your funds in under a minute. To learn more about Dagcoin, visit https://dagcoin.org/
Ethereum successfully completes their final test run before the highly anticipated “Merge”
Since approximately ten years ago, when it was first created, Ethereum has been mined via a model known as proof-of-work (PoW). It involves challenging math equations that several machines compete to solve and was heavily criticized for its high consumption of energy, and subsequent environmental impact. Ethereum has been working on the “Merge” which will join the existing layer of the Ethereum Mainnet to a consensus proof-of-stake (PoS) layer, the Beacon Chain. The new PoS method will use staked ETH to authenticate transactions and mint tokens. PoS uses a lot less energy and is expected to speed up transactions. On the 11th of August, Ethereum successfully completed its third and final test environmental network (testnet) before the long awaited “Merge” with the Beacon Chain. The “Merge”, which is expected to happen sometime in this month, is being hailed as one of the most significant developments in the history of cryptocurrencies. Although the “Merge” has been praised by many for its advantages, there have been some community members that have been advocating for a fork in the Ethereum block-chain that will keep some of the transactions on the PoW system because abandoning it altogether will heavily impact people who make their living as crypto miners. The success of the final testnet boosted the value of ETH, the token native of the Ethereum blockchain, by more than 12.5% to around $1,900 on the 11th of August.
Beginners Crypto Abbreviation Lexicon
The crypto world is not easy for beginners to navigate. The moment one decides to dive into the world of cryptocurrencies, they are often bombarded with terms and abbreviations that are both unrecognisable and difficult to understand out of context. It is advisable to create a lexicon or a glossary/vocabulary list that can help you navigate through blogs, chats, articles, and social media posts. If you don’t know where to start, don’t worry, we’ve got you covered. In a previous blog we featured crypto terms you should know, today we cover 15 crypto abbreviations that are important for every crypto beginner. DAG and DLT - The DAG or Directed Acyclic Graph is an alternative to the better-known blockchain. It is also a type of Distributed Ledger Technology (DLT). DAG structures are considered faster and more scalable alternatives to blockchains. ATH - All Time High. This is in reference to the highest market value of a cryptocurrency. ATL - All Time Low. This refers to the lowest market value of a cryptocurrency. FUD - Fear, Uncertainty, Doubt. It is a tactic used to sway public opinion about certain cryptocurrencies or the cryptocurrency market in general by disseminating unfactual, inaccurate, or biased information. HODL - Hold On for Dear Life. This refers to purchasing and holding cryptocurrencies like Bitcoin and other cryptocurrencies. BTD - Buy the Dip. It means that the optimum moment to purchase more coins is whenever the price of your preferred coin declines. CBDC - Central bank digital currencies (CBDCs) are digital forms of fiat currencies that are issued by central banks. DApps - Decentralized Applications. They are enabled by Blockchain platforms that support smart contracts. DeFi - Decentralized Finance. PoS and PoW - Proof-of-Stake (PoS) mechanisms have been developed over recent years to mitigate the perceived problems and limitations associated with Proof-of-Work (PoW) — in particular, the resource-intensive nature of crypto mining at scale. DYOR - Do Your Own Research FOMO - Fear of Missing Out. This term is used in reference to the feeling of anxiety associated with a delay in making trading decisions. ICO - Initial Coin Offering. It is widely regarded as the crypto world’s version of initial public offering (IPOs) — and they were particularly popular during the 2017 crypto bubble. NFT - Non Fungible Token TX - Transaction. The act of exchanging cryptocurrencies on the blockchain Dagcoin is changing the cryptocurrency field into something more open and freely accessible to all, meaning less fuss about abbreviations as well. If you want to find out more, check out how to get dagcoins.