Hackers Return Poly Network’s Stolen Funds

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The crypto platform Poly Network announced on Twitter that the hacker or hackers responsible for the heist of $610 million has or have returned the amount. The announcement was made on August 23, and users will be given access to their funds.

Why did the hackers return the assets?

According to media reports, the hacker or hackers decided to attack the decentralized finance platform to expose its weaknesses. The allegedly ethical attacker, named Mr. White Hat, wanted to prove that all systems are vulnerable.
Prior to the hacker’s decision to return the assets, Poly Network declared that they are grateful to the hacker for his contribution to the security systems of the platform and that he will not be held legally responsible. Another decision was to offer a $500,000 bounty to a crypto wallet of the hacker’s choice. The company called it a bug bounty and a gesture of their appreciation.

There are $200 million trapped into an account

The attacker did not return all the money yet. It is mentioned that over $200 million is trapped in an account because it requires a password from the hacker. Mr. White Hat managed to break into the system by exploiting a vulnerability in the network’s code, and this way, the assets were transferred into different accounts. Allegedly, the hacker will reveal the code for the trapped assets once he or she or they feels or feel that all parties involved are ready.

Poly Network decided to negotiate with the attacker and even offered him or her a job as a chief advisor. Another famous attack of this magnitude took place in 2018 when $534.8 million were stolen from the Coindesk cryptocurrency platform. August was a bad month for the Japanese platform Liquid as well. The company announced a cyberattack, and the hacker stole around $97 million worth of digital coins.




Cezara Radu
Cezara enjoys writing about technology, international news, finances and education. A former teacher and a writing enthusiast, she is concerned with how progress in all fields might influence future generations and how all of us can benefit from the newest discoveries.