$600m in cryptocurrencies swiped from Poly Network servers after security snafu

Poly Network, a Chinese software biz that processes cryptocurrency transactions across different blockchain platforms, urged hackers to return $600m worth of stolen digital cash in what it called the “biggest [attack] in DeFi history.”

DeFi stands for decentralised finance. Protocols like Poly Network allow cryptocurrency traders to exchange digicash across various blockchains; they can be used to swap Bitcoin for Ethereum, for example. The company announced it had been hacked on Tuesday after a miscreant drained hundreds of millions of dollars worth of digital assets stored using its technology.

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Source: The Register