Poly Network Hacker Returns Almost All of $611M Loot


Key Takeaways

The Poly Network hacker has returned the remainder of the $611 million they stole this week on Ethereum ( $2,430.33 ) mainnet.
The team confirmed that almost all of the funds were recovered, except for $33 million worth of frozen USDT stablecoins.
In an onchain message, the team offered the hacker a $500,000 as a thank you for exposing a security bug.

Share this article

Poly Network confirmed that it had received the remaining funds from the attacker in a multi-sig wallet. 

Hacker Returns Assets to Poly Network

The Poly Network hacker who stole $611 million this week has returned the remaining funds on Ethereum ( $2,430.33 ) mainnet after a day of negotiations.

Poly Network runs a collection of smart contracts that allow cross-chain transactions between Ethereum ( $2,430.33 ) , Polygon, Binance Smart Chain.

The project made headlines Tuesday after it lost more than $600 million in what was described as biggest crypto hack in history. 

The losses consisted of $272 million worth of tokens on Ethereum ( $2,430.33 ) , $253 million on Binance Smart Chain, and $85 million on Polygon. 

Following the incident, the hacker decided to return almost all of the funds. In a “Q&A” discussion posted within Ethereum ( $2,430.33 ) transactions, the hacker told the Poly Network community that they carried out the attack to “for fun” to expose the vulnerability before others could exploit it. 

Yesterday, the hacker—dubbed “Mr. White Hat” by the Poly Network team—returned over half of the stolen assets on Binance Smart Chain and Polygon. 

The team has since confirmed that it’s received the remaining funds, minus $33 million worth of USDT frozen by Tether.

pic.twitter.com/aBRUvanLuL

— Poly Network (@PolyNetwork2) August 12, 2021

“All the remaining user assets on Ethereum ( $2,430.33 ) (except for the frozen USDT) had been transferred to the multi-sig wallet controlled by Mr. White Hat and Poly Network team,” a Thursday Twitter note read.

The latest transaction consisted of $230 million worth of digital assets including ETH, DAI, USDC, and WBTC in a multi-sig wallet controlled by the hacker and the team. 

The team also said it plans to negotiate to unfreeze the USDT stablecoins still held in the hacker’s wallet.

In an onchain message, the team thanked the hacker for exposing the bug, before saying that it thought “the action constitutes white hat behavior”. They also offered a $500,000 bounty and assured that no legal action would be taken. 

Contrary to media reports, the hacker’s identity remains anonymous. In the Q&A discussion posted on Ethereum ( $2,430.33 ) , they said that they were using a “temporary email, IP, or so-called fingerprint, which were untraceable.”

Share this article

The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

See full terms and conditions.

Someone Stole $600 Million in a Cross-Chain Hack

Cross-chain protocol Poly Network has informed users of an exploit resulting in over $600 million worth of assets being taken by hackers. The Biggest Hack in Crypto History  In a…

Poly Network Hacker Starts Returning $600M Loot

The hacker behind yesterday’s $600 million Poly Network exploit has started to return the stolen funds. Poly Network Hacker Returns Funds It seems the Poly Network hacker has had a…

Efficient Market Hypothesis: Does Crypto Follow?

The Efficient Market Hypothesis (EMH) is a concept in financial economics which states that security prices reflect all the available information about a financial instrument. EMH is one of the…

DAO Maker Suffers $7 Million Exploit

Crypto launchpad DAO Maker was exploited for $7 million worth of USDC today.  DAO Maker Suffers Vulnerability  The fundraising platform DAO Maker was exploited today, with an attacker stealing more…





Source

Recommended For You

About the Author: wp4crypto