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. 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.

ABOUT THE AUTHOR See More

Aiswarya Gopan

Financial Writer & Editor - Asia & Europe Desk

Aiswarya Gopan is a financial journalist, editor, and content strategist with more than 19 years of experience across financial markets, fintech, blockchain, and technology. She has worked with leading cryptocurrency exchanges, including BingX and KuCoin, driving content strategy, market research, and editorial initiatives covering digital assets, DeFi, Web3, and global financial markets. Drawing on a background in cybersecurity, technology journalism, and market research, Aiswarya specializes in translating complex financial and blockchain developments into clear, timely insights. At FX Leaders, she covers cryptocurrency, stocks, forex, and macroeconomic developments across the Asian and European trading sessions.

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