Poly Network hacker returns over $260 million after DeFi heist | CryptoSlate

CryptoSlate

An address linked with the infamous hacker of decentralized finance (DeFi) cross-chain bridging protocol, Poly Network, has returned over $260 million stolen from the network. 

The return of the funds, scattered across three blockchains, started following threats by Polygon network that it would take serious legal action. 

How To Get Free Crypto  

Poly Network hacker returning stolen funds

Data from Polygonscan indicated that the polygon address used by the hacker first dropped $10,000 in USDC to a wallet set up by Poly Network at 8:46 UTC on Wednesday. It then sent another $1 million fifteen minutes later. 

Later on, the hacker dropped another $1.1 million in BTCB on Binance Smart Chain at 9:49 UTC.

Earlier on Wednesday, before the return of the stolen funds began, the hacker embedded a message in a transaction with themselves to inform the world that they were ready to return the funds but could not get in touch with Poly Network. In the encrypted message, the hacker also demanded multisignature wallets.

Later on, it released another encrypted message embedded within a transaction. “Accept donations to hidden signer now. Encrypt your msg with his pubkey,” the encrypted message read.

Poly network, other take actions

When the hack, which some analysts described as a historical heist, occurred the combined value of stolen crypto was suspected to be around $600 million on three blockchains, totaling roughly $273M on Ethereum, approximately $253M on Binance Smart Chain, and close to $85M on Polygon. 

Coinbase Banner  

However, further details revealed that the stolen funds were south of $200 million because after the healer came to an end, less than $400 million was left in the network’s account. 

Following the attack, Tether, the world’s largest stablecoin, froze roughly $33 million in USDT associated with the alleged hacker’s wallet address, which led to ideological remarks on Twitter, questioning how decentralized is the DeFi corner of the space.

Meanwhile, some of the biggest crypto exchange operators spoke out, offering their help and support, including Binance CEO Changpeng Zhao, Huobi co-founder Du Jun and OKEx CEO Jay Hao.

While centralized exchanges also reacted showing support to the hacked protocol, blockchain security intelligence keeps trying to define the exploited vulnerability by retracing the attackers steps

FreeBitcoin Banner  

Get an edge on the cryptoasset market

Access more crypto insights and context in every article as a paid member of CryptoSlate Edge.

On-chain analysis

Price snapshots

More context

Join now for $19/month Explore all benefits

Like what you see? Subscribe for updates.

Go to Source
Author: Oluwapelumi Adejumo


Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.