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What is Pepe Coin (PEPE) and why Ethereum Jumps to $2K

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Cryptocurrency 101: A Beginner’s Guide to Understanding Cryptocurrencies, and Their Advantages

Trends and Performance of Major Cryptocurrencies


<p>Crypto drama alert in the Poly Network community. A daring exploit has affected not one, not two, but a staggering 57 cryptocurrencies! Let&#8217;s break it down and uncover the details of this audacious attack.</p>


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<figure class="aligncenter size-large"><img decoding="async" src="https://media1.giphy.com/media/b8RQzkElbBsXqEPF2X/giphy.gif?cid=ecf05e4705x0sjklce69ndehch30wniazkmn5yyujqhoej2m&amp;ep=v1_gifs_search&amp;rid=giphy.gif&amp;ct=g" alt=""/></figure></div>


<h2 class="wp-block-heading"><strong>The Breach Unraveled</strong></h2>



<p>In a stunning heist, hackers managed to breach the Poly Network&#8217;s bridge, a system that allows seamless transfers of assets across multiple blockchains. The cyber bandits exploited a vulnerability and gained unauthorized access to a jaw-dropping <strong>$610 million worth of digital assets</strong>. Talk about a high-stakes game of thievery!</p>



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<blockquote class="twitter-tweet" data-width="550" data-dnt="true"><p lang="en" dir="ltr">Dear users, we would like to inform you that Poly Network is temporarily suspending its services due to a recent attack. We are actively engaging with relevant parties and diligently assessing the extent of the affected assets. 【1/3】</p>&mdash; Poly Network (@PolyNetwork2) <a href="https://twitter.com/PolyNetwork2/status/1675384703149568001?ref_src=twsrc%5Etfw">July 2, 2023</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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<h2 class="wp-block-heading"><strong>No Holding Back: The Looted Cryptos</strong></h2>



<p>The hackers left no stone unturned, targeting an extensive array of cryptocurrencies. Major players like Ethereum, Binance Smart Chain, and Polygon were among the victims. But that&#8217;s not all! Lesser-known tokens also suffered losses, adding to the magnitude of this colossal hack.</p>


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<h2 class="wp-block-heading"><strong>Poly Network&#8217;s Plea for Help</strong></h2>



<p>In the wake of the attack, the Poly Network team quickly swung into action, reaching out to the crypto community and seeking assistance in recovering the stolen funds. The nerve-wracking appeal aimed to freeze the hackers&#8217; loot and prevent them from cashing out their ill-gotten gains.</p>



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="989" height="1024" src="https://hodl.fm/wp-files/2023/07/image-1-989x1024.jpg" alt="" class="wp-image-2076" srcset="https://hodl.fm/wp-files/2023/07/image-1-989x1024.jpg 989w, https://hodl.fm/wp-files/2023/07/image-1-290x300.jpg 290w, https://hodl.fm/wp-files/2023/07/image-1-768x795.jpg 768w, https://hodl.fm/wp-files/2023/07/image-1-1483x1536.jpg 1483w, https://hodl.fm/wp-files/2023/07/image-1-1978x2048.jpg 1978w, https://hodl.fm/wp-files/2023/07/image-1-816x845.jpg 816w, https://hodl.fm/wp-files/2023/07/image-1.jpg 1997w" sizes="(max-width: 989px) 100vw, 989px" /><figcaption class="wp-element-caption">Tokens transferred out of Poly Network. Source:&nbsp;<a href="https://twitter.com/PeckShieldAlert/status/1675443876574937088">Twitter/PeckShield</a></figcaption></figure>



<p>Read more: <a href="https://hodl.fm/significant-crypto-events-2023/">5 most significant crypto events in 2023 – No3 will shock you the most</a></p>



<h2 class="wp-block-heading"><strong>A Surprising Twist: The Hackers Speak Out</strong></h2>



<p>Believe it or not, the hackers themselves came forward to justify their actions. Claiming the exploit was an attempt to &#8220;expose the vulnerability&#8221; rather than outright theft, they expressed a peculiar sense of moral responsibility. They even went as far as offering to return the stolen funds! A case of Robin Hood gone digital?</p>


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<h2 class="wp-block-heading"><strong>The Crypto Community Responds</strong></h2>



<p>The Poly Network hack ignited a whirlwind of reactions within the crypto community. Many were astounded by the audacity of the hackers&#8217; message, questioning the ethics behind their actions. Others were skeptical, wondering if there might be a deeper motive lurking behind the so-called &#8220;white hat&#8221; intentions.</p>



<p>Read more: <a href="https://hodl.fm/legal-dangers-getting-involved-daos/">The legal dangers of getting involved with DAOs</a></p>



<h2 class="wp-block-heading"><strong>Poly Network on High Alert</strong></h2>



<p>As the Poly Network team scrambled to address the situation, they collaborated with prominent blockchain projects to track and identify the stolen assets. The crypto world watched closely as efforts to thwart the hackers intensified, leaving us all on the edge of our seats.</p>



<p>With the hackers seemingly holding the key to returning the funds, a tense wait ensues. The crypto community wonders whether justice will ultimately be served, or if this brazen attack will set a precedent for future &#8220;ethical&#8221; exploits.</p>



<h2 class="wp-block-heading">To Sum Things Up</h2>



<p>This shocking Poly Network exploit has shaken the crypto landscape to its core. As the hunt for the hackers continues, one thing is certain: the world of digital assets is as unpredictable as ever. Stay tuned, HODLers, as we follow this unfolding saga. </p>



<p><strong>Disclaimer</strong>:&nbsp;<em>All materials on this site are for informational purposes only. None of the material should be interpreted as investment advice.Please note that despite the nature of much of the material created and hosted on this website, HODL.FM is not a financial reference resource and the opinions of authors and other contributors are their own and should not be taken as financial advice. If you require advice of this sort, HODL.FM strongly recommends contacting a qualified industry professional.</em></p>
