Poly Network Hacker Returns Most Of The Funds

The hacker behind one of the biggest heists in the decentralized finance industry on the cross-chain decentralized finance (DeFi) protocol Poly Network has now returned almost all of the $611 million stolen funds. He said that his actions constituted “white hat behavior”. According to Thursday’s update to the Poly Network attack, the $611 million raised by exploiting the “vulnerability between contract calls” has now all been transferred to a multi-sig wallet. This wallet is currently being controlled by the project as well as that hacker. Now, all the remaining tokens are worth roughly $33 million in Tether (USDT). They were frozen immediately after the news of the attack came out.

Since the attack, the hacker behind the heist has been conversing with the team of Poly Network and other people. He has been doing this with the help of embedded messages in Ethereum transactions. The hacker also said that he did this hack “for fun” because cross-chain hacking is a hot topic currently. He did not plan at all on how to transfer the funds if he will successfully steal them.

“We assure you that you will not be accountable for this incident. We hope that you can return all the tokens as soon as possible […] We will send you the 500k bounty when the remainings are returned except the frozen USDT.”

Poly Network Hacker Said…

But, on Wednesday, after talking to the Poly Network team and users, the hacker returned $258 million of the funds that he stole. Poly Network stated that it identified the attack as a “white hat behavior”. Thus they offered the hacker, whose nickname was “Mr. White Hat”, a bounty of $500,000. The hacker said, “The poly did offer a bounty, but I have never responded to them. Instead, I will send all of their money back.” On Twitter, Poly Network said, “The repayment process has not yet been completed. To ensure the safe recovery of user assets, we hope to maintain communication with Mr. White Hat and convey accurate information to the public.”

The remaining funds except for the frozen USDT have been returned. It seems that the largest decentralized financial hack seems to come to an end in a matter of just a couple of days. The identity of the hacker has not been revealed. The Chinese cybersecurity company SlowMist Technology has released an update soon after the news of the attack came out. SlowMist says that its analysts had determined the email address, IP address, and fingerprint of the attacker’s device. According to cryptocurrency experts, this heist illustrates the risk of the largely unregulated DeFi sector.

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