$600M Defi Poly Network Theft Child’s Play v. the Most Dangerous Cryptocurrency Vulnerability?

most dangerous cryptocurrency vulnerability that is never discussed

The most dangerous cryptocurrency vulnerability has the capacity to make the recently executed $600M Defi Poly Network theft look like mere child’s play. Oddly enough, no one has discussed the dangerous exploitable potential of this vulnerability. On June 2012, on my news site, I published an article about why the end game of the oligarchs, to accomplish their mission of unchallenged control of the human population, was a 100% digital currency game, and how they would leverage cryptocurrencies into the successful recruitment of millions worldwide into adopting their agenda and fighting against the best interests of humanity. Frankly, I’m still surprised at how easy it was for the oligarchs to trick and deceive so many people into believing 100% digital currencies were the pathway to freedom, when in essence, all they were, were just another iteration, but a worse one, of the fiat currencies they had already used to monopolize the world’s money. As it is, the percent of the world’s major fiat currencies in circulation are 99% digital anyway.

Highly flawed security and theft have always been issues that will continually plague the oligarch’s push to a 100% digital monetary world. As all hackers know, it is an unspoken truth in the hacker community that everything is hackable, and that will always apply to all digital currency systems as well. Whereas in the past, before the rise of cryptocurrencies, Eastern European black hat cartels used the extremely utilitarian backdoor carbanak to hack banks and allegedly siphon off more than $1 billion, security flaws in cryptocurrency networks are much easier to penetrate than security flaws in online banking platforms, and does not require years of meticulous operations to steal a billion dollars. However, all hacks thus far, involved in cryptocurrency thefts, have revolved around software hacks. What if the most dangerous cryptocurrency vulnerability revolved around a hardware hack?

We saw the problems of cryptocurrency trading platforms not continually testing their systems for breachable security events 24/7 manifest again when the defi platform Poly Network recently divulged a $600M theft of cryptocurrencies from its network. There are two great ironies surrounding this hack. One, so many foolish cryptocurrency investors, despite repeated successful attacks such as this one, continue not to move their purchased cryptocurrencies into cold storage but instead, opt to store them online where they are extremely vulnerable to never-ending attempts of theft from hackers around the world.

Two, the Poly Network has already released a statement that it appears the hacker(s) that pulled off this heist, fortunately for them, appear to be white hats v. black hats and have already returned a few million of the cryptocurrencies they stole. They also stated that due to the transparency of the movements of the stolen cryptocurrencies, as even sophisticated washing techniques still leave movement of the cryptocurrencies traceable except for perhaps the most sophisticated washing techniques only known to the best hackers in the world, that the stolen cryptocurrencies are “unspendable”. Bitcoin mixing has always been oversold as a way to withdraw BTCs from the system anonymously. And regarding the “anonymity” of cryptocurrency wallets, any alphabet agency can secretly subpoena any cryptocurrency exchange and force them to reveal the owner of a cryptocurrency wallet. Do not think for a second that an exchange, when weighing the choice of revealing its users’ identities versus the threat of being shut down, will fight to protect its users’ privacy.  Hopefully, this will once and for all, put an end to the nonsense narrative that was forwarded from day one of cryptocurrency trading, that buying and selling of cryptocurrencies can be anonymous. The anonymity narrative was always an alphabet agency PsyOp from the jump to convince criminals to use highly traceable currency in conducting their black market operations.

As I state above, most of the hacks of 100% digital currency networks have only focused on penetration of software vulnerabilities. The giant elephant in the room that remains unspoken is the fact that hacks on cryptocurrency hardware hardware networks are extremely plausible as well, though none have yet been executed as of today. Because the most dangerous cryptocurrency vulnerability has been completely ignored up to this point I published an article titled, “The Greatest, Undisclosed Bitcoin Security Flaw”,  two years ago, in which I explored this topic in depth. Two years later, I still have never heard this very real security threat discussed in any public forum online. However, in my opinion, this threat still remains very real and if exploited, would make the $600M Poly Network hack and the 2014 Mt. Gox hack look like child’s play.

Please note that all skwealthacademy articles are always published first at the skwealthacademy news site here. Please visit my news site to download my free eBook, Can Cryptocurrencies Save the World?, free for a limited time and to sign up for my free newsletter. As I’m no longer posting any video content on Rokfin, please sign up for a free membership here to continue to view and read my free content, or for a premium membership to gain access to premium content. For the most comprehensive premium financial analysis, including weekly analysis and access to the above article, “The Greatest, Undisclosed Bitcoin Security Flaw”, consider joining my patreon platform at the Benefactor Level. Finally, after 16 months of covid travel lockdown, away from home during this entire time, I hope to be a free man again next month. If so, then I will be launching my 10-year blood, sweat and tears project, skwealthacademy, indefinitely delayed after a planned March 2020 launch. Please click here to download a just revised, updated skwealthacademy factsheet to learn more about my 22-course curriculum.

J. Kim

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