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Hacked Cryptocurrency Platform is Politely Requesting Hackers to Return Rs 898 Crore

BadgerDAO wrote a public statement to that effect, addressing the "actor" and listing email addresses. (Representational photo: Canva)

BadgerDAO wrote a public statement to that effect, addressing the "actor" and listing email addresses. (Representational photo: Canva)

Unidentified hackers stole the funds from cryptocurrency platform BadgerDAO last week.

Unidentified hackers stole a whopping 2,100 BTC ($118,500,000) and 151 ETH ($679,000) worth of cryptocurrency tokens from a blockchain company called BadgerDAO recently, and now the company is begging them politely to return the funds. BadgerDAO wrote a public statement to that effect, addressing the “actor" and listing email addresses: “You have taken funds that do not belong to you but we are willing to work with you and compensate you for identifying this vulnerability in the systems. We are providing you with a direct line of communication to discuss a peaceful resolution without involving any outside parties. Contact us to discuss further and do the right thing on behalf of the community." The hacking incident happened last week where the hackers played an old-fashioned trick, VICE News reported. According to it, the hackers inserted a malicious script on the site, prompting customers to give up wallet permissions, enabling them to steal the cryptocurrency.

“[I am] not comfortable publicly sharing my personal opinion on it. We have professionals handling the strategy and don’t want to possibly affect it," VICE News’ Motherboard quoted a core team member of BadgerDAO as saying. Think pleading with the hackers to return stolen material is a laughable strategy? VICE News reported that it’s not quite so. It’s a strategy that has worked in the past. Earlier this year, cryptocurrency platform Poly Network lost $600 million to hackers. Their open letter to the hackers, posted on Twitter, was even more emotive than BadgerDAO’s. It addressed them as “Dear hacker" and held a similar request to establish direct communication.

“We want to establish communication with you and urge you to return the hacked assets. The amount of money you hacked is the biggest one in DeFi history. Law enforcement in any country will regard this as a major economic crime and you will be pursued. It is very unwise for you to do any further transactions. The money you stole are from tens of thousands of crypto community members, hence the people. You should talk to us to work out a solution," the letter read.

So why are these cryptocurrency platforms resorting to begging and pleading with hackers? Is there really no other way that could work better? In 2018, a hacker had actually been moved to return stolen funds. They returned $17 million USD worth of ether about a year after stealing it. The alleged hacker had attacked startup Coindash’s website and made the steal. Weirdly, since then, they started returning the funds slowly and directly to Coindash.

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first published:December 07, 2021, 15:15 IST