Cryptocurrency – Africa Tech Digest

Crypto hacker offered reward after $600m heist

15Aug

By Africa Tech DigestNo Comments

Crypto hacker offered reward after $600m heist

A hacker who stole just over $600m (£433m) worth of cryptocurrency was offered $500,000 and immunity as a reward for returning the money. Poly Network made the controversial offer after the hacker pledged to send back the money. The attack was uncovered on Tuesday when Poly Network publicly pleaded with the hacker to help. One former FBI official said "private companies have no authority to promise immunity from criminal prosecution". The attack is one of the largest hacking heists in history. Poly Network said the person had exploited a vulnerability in its system. Most of the money has now been given back, although the hacker says they are not interested in the reward. Continue reading (Image Credits: Unsplash)

Hackers steal $600m in major cryptocurrency heist

Hackers have stolen some $600m (£433m) in what appears to be one the largest cryptocurrency heists ever. Blockchain site Poly Network said hackers had exploited a vulnerability in its system and taken thousands of digital tokens such as Ether. In a letter posted on Twitter, it urged the thieves to "establish communication and return the hacked assets". Hours after the hack, the attacker started returning the funds - first in small amounts and then in millions. They started sending back small transfers totalling a few dollars to the online wallets controlled by Poly - but then began making much larger deposits, totalling hundreds of millions. Continue reading (Image Credits: Unsplash)

Inside the world of a Kenyan cryptocurrency miner

Eugene Mutai is well aware of the risks of mining virtual money. "Sometimes I ask myself: will the bubble pop? "He's right to be, cryptocurrencies are volatile. That hasn't stopped him from operating in this shadowy and controversial corner of the global financial system. A few years ago Mutai was working odd jobs on farms in rural Kenya. Now he's a cryptocurrency miner in Nairobi. His apartment where he mines, is dimly lit blue and drowned with the low drone of a self-made cryptocurrency computer rig. Mutai began researching cryptocurrencies last year. "I was curious about what was making these alternative coins drive. "Bitcoin was hard to mine by that point in time," Mutai tells CNN. There were already many Bitcoin miners. Instead, Mutai started mining Ethereum, a similar but less w...