Hackers siphon $600 million in digital tokens, crypto network says

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A decentralized financial network has claimed hackers absconded with about $600 million worth of cryptocurrencies in one of the largest heists to target the growing digital asset industry.

Poly Network, which links some of the world’s most widely used digital ledgers, said on Tuesday that attackers had exploited a vulnerability in its system and taken thousands of crypto tokens. The attack would be one of the largest to date on a crypto venture, on a par with breaches of exchanges Coincheck and Mt. Gox.

The alleged hack was a blow to supporters of decentralized finance, or DeFi, which has been one of the fastest-expanding areas of the booming cryptocurrency market. It also highlighted the lack of consumer and investor protections in a market with only light oversight from financial regulators.

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