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Poly Network robbery hackers return most of the stolen coins. All but 33 million remains

Another Plot Twist in the $610 Million Poly Network Theft, Covid-19 Improves in the UK & U.S Consumer Sentiment Crumbles

Bizarre Poly Network saga continues

Nearly all of the $610 million stolen from the Poly Network earlier this week has been returned.  At this point, only $33 million of Tether remains missing.  This is believed to be because Tether a stablecoin linked to the U.S. dollar utilized a fail-safe program to freeze the assets after the theft.  With the Tether being frozen it doesn’t appear that the hackers are able to return it for now.

Of course, given the way this story has unfolded there are a few new twists:

  1. The hacker(s) have announced that Poly Network had offered a $500k reward to return the stolen coins, but they had returned this after all they were doing a “public service” and just wanted donations.
  2. A statement from Poly Network was shared by the hackers that appears to state that they will “not be held accountable for this incident”.  Although law enforcement in any number of jurisdictions could still press forward with a case.
  3. Almost half of the returned funds, $268m, are now locked in an account at Poly network that now requires a second password held by the hackers which means they can most likely still freeze access to the funds.

BTC prices were holding above $46,500 as of writing

Covid-19 improves in the UK

The latest data from the UK suggests that the latest wave of Covid-19 is starting to recede even after the government moved forward with close to a full re-opening of the economy last month.

It is believed that the country benefited from the end of the Euro Football Championships as well as the high percentage of vaccinated adults.  With over 75% of the adult population having received shots as well as the immunity gain by a large number of people from prior infection it appears the virus may be spreading slower despite the prevalence of the Delta variant.

However, there remains some concern about what effect students going back to school, cooler weather in the coming weeks, and the restart of the Premier League may have on the numbers.

The FTSE ended the week on a high note gain 0.35% in today’s session.

Consumer sentiment crumbles

The University of Michigan’s consumer sentiment index collapsed to 70.2 in its preliminary August reading, this is the lowest reading since the pandemic began and marks the lowest overall reading since 2011.

The index had been at 81,2 in July and the sudden drop is indicative of the impact the delta variant is having in the United States, particularly among the unvaccinated. In recent times the only larger drops occurred at the start of the Global Pandemic in April 2020 and during the Global Financial crisis in October of 2008. 

Consumers are fearful of the effect the surge in Covid-19 cases will have on the economy, but many experts note that sentiment could easily sift to the positive if and when the situation with the virus stabilizes.

However, despite this bad reading on consumer confidence, stock markets in the U.S. were mostly flat on the day as traders and investors continue to look ahead to the growth that may be driven by a re-opened economy.

Quote of the day – “Be fast, have no regrets… If you need to be right before you move, you will never win”

– Mike Ryan

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