Arabic AR Chinese (Simplified) ZH-CN English EN French FR German DE Japanese JA Portuguese PT Russian RU Spanish ES Turkish TR
Connect with us

Hi, what are you looking for?

Cryptocurrency

Poly Network hacker returns nearly all of the 611 million Dollar in stolen funds

The hacker who exploited Poly Network for $611 million across three blockchains has returned nearly all of the stolen funds.

The only funds the hacker hasn’t returned are the $33 million in USDT that were frozen by Tether following the exploit. These can’t be moved until Tether authorizes it but the company is working on it.

“We’ll expedite the work with the project to return the funds,” Tether CTO Paolo Ardoino told The Block. He added that the company will likely burn the tokens and reissue them in order to pass them to Poly Network, rather than trusting the hacker to move the funds once unfrozen.

The funds have been returned over the course of two days. Yesterday, the hacker had returned around $256 million of the loot, including large amounts of BTCB, a bitcoin-pegged token on Binance Smart Chain, ether (ETH) and the stablecoin BUSD. 

The funds were stolen in the largest DeFi hack to date on August 10. They were hijacked from Poly Network, which is a cross-chain protocol that lets crypto users swap tokens among blockchains. The hacker effectively convinced the network to authorize a transaction sending large amounts of funds from three blockchains to their own accounts.

After their identity was reportedly narrowed down by blockchain security firm SlowMist, the hacker engaged in dialogues with the Poly Network team.

The two entities communicated by sending cryptocurrency transactions containing messages for each other. The hacker claimed they could have taken even more funds and asked for donations for people agreeing with their decision to hand the funds back. They also tipped one user to let them know that Tether had frozen some of the funds.

theblockcrypto

Featured

Bitcoin Mining

Despite a $72 million rescue offer from creditors, concerns have been raised about the general viability of the Bitcoin trading community amid a protracted...

Altcoin

Ripple is attempting an upside break above the $0.365 resistance zone against the US Dollar. XRP price could fail to gain pace if it...

Bitcoin

Bitcoin price is facing resistance near $17,000. BTC could start another decline unless there is a strong move above the $17,000 resistance zone. Bitcoin...

Ethereum

Ethereum started a fresh decline from the $1,320 resistance against the US Dollar. ETH is struggling and remains at a risk of a move...