Over $600 million of crypto was just stolen – here’s what will happen next.
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Over $600 million of crypto was just stolen. Here is what will happen next and how those people may get their money back.

$273 million in Ethereum, $253 million tokens of Binance Smart Chain, and $85 million USDC. The platform that was compromised is polynetwork which is a decentralized exchange (no relationship to Polygon)

The attacker was able to modify the keeper key with a very sophisticated work around. https://slowmist.medium.com/the-root-cause-of-poly-network-being-hacked-ec2ee1b0c68f

There are technically 3 methods of recovering the funds.

Method 1:
Find the person responsible and hopefully convince them to reverse the transaction (unlikely)

Method 2:
Hope the attacker is a “white hat” and reverses the transactions.

Method 3:
The cryptocurrencies affected do what’s called a “hard fork”. This would affect all of us. Here is how that would work. In 2016, roughly $50 million of Ethereum was stolen. Instead of finding the attacker, Ethereum hard forked.

This created two separate forks, one where the attacker was successful and the other, where the transaction was reversed. This is how Ethereum classic was created.

The people who held Ethereum Classic (ETC) believed crypto should be immutable and that no one should be able to rewrite the blockchain history. People who sided with Ethereum (ETH) wanted to reverse the transaction and help people restore their money.

Hopefully this situation works out!


What do you think?


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  1. I like to follow the checking and savings bank approach. Keep what you are willing to do quick transactions and lose in your crypto exchange like a Checking account and the rest of your crypto in a hard wallet like the ledger like how you do with a Savings account. This protects your crypto from exchanges being hacked or going under.

  2. the ONLY safe place for crypo is a good hardware wallet. duh. do NOT store your crypto on custodial exchanges servers. they will have your private keys and if they get hacked to go out of business…………. with a good hardware wallet your private keys never see the internet so they can never be hacked or stolen. not your keys, not your coin. Trezor has all the info on their website and if you use a hidden wallet on your hardware wallet, even if your HW wallet and seed phrase get stolen, your coin is still safe.

  3. Okay i don’t have much to say but everything said here about this dude is really true, I would not be here if not for the wonderful job he did for me. Nice work mate, NICE work.

  4. Okay i don’t have much to say but everything said here about this dude is really true, I would not be here if not for the wonderful job he did for me. Nice work mate, NICE work.

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