Poly Network Starts Receiving Funds Back From Hacker
Some good news for the crypto community as the hacker who attacked Poly Network earlier this week have started returning the loot.
Some good news for the crypto community as the hacker who attacked Poly Network earlier this week have started returning the loot. The hack was the largest this sector has seen till date, when consecutive attacks were launched on the Ethereum, Binance Smart Chain and Polygon networks, draining Poly Network of over $600 million.
The cross-chain DeFi platform worked swiftly in the aftermath of the attack, identifying the three addresses into which the cryptocurrencies stolen were transferred and notifying its partners and other stakeholders to prevent further transfer or misuse of the funds. In response, other companies also took action, blocking transactions from these addresses, rendering the funds stolen unusable.
Since then, the hacker notified Poly Network of interest to return the funds, asking the company to set up a multisig wallet to accept the refund. According to the most recent update shared, the hacker has returned around $260 million of the assets across the three blockchain networks.
O3 Labs, the developers behind the Neo blockchain, suggest that the hacker could be a “white-hat hacker” as he has shown interest in returning the funds instead of trying to misuse them. The hack could have been his way of revealing vulnerabilities in Poly Network’s system which the company can now fix before real damage is caused in the future.
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