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Tether Limited (USDT) Freezes $33 million from the $600 million Poly Network Hack

Lessons are always there to be learned in cryptocurrency. 

Ethereum, Binance Smart Chain, and Tron are some platforms with active finance dApps. Most of them are secure, and their codes are audited.

Still, this is not to say they are hacker-proof.

Take, for instance, the cross-chain DeFi platform, Poly Network of the $3.3 billion China-based NEO. On Aug 10, hackers took off with over $600 million worth of crypto assets, making it the largest heist in DeFi and crypto—exceeding the $500 million hackers shook off from CoinCheck.

Thus far, there have been interventions from crypto players, including exchanges like Binance.

Tether Limited, the issuer of USDT—a token supported by CryptoAltum, has frozen $33 million of USDT from the heist.

However, a big chunk is being redistributed to various addresses, even donated, a distressing development.

While not everyone participates in DeFi, the hack's impact is still being felt across the board. Traders--in derivatives and spot markets--are urged to be extra careful ensuring that they plug into protocols that are secure.

As an assurance, CryptoAltum is a top-tier exchange with strict measures in place to secure user funds. There are cold and hot multisig wallets making unauthorized access to funds virtually impossible.

For more interesting tips and facts visit our Education Centre.

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