Poly Network Gets Almost All Stolen Funds Back From Largest Crypto Hack

Poly Network has received a refund of almost the entire sum of $611 million which was looted by a hacker earlier this week; what remains is

Written by: Aiswarya Gopan • Friday, August 13, 2021 • 1 min read

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Poly Network has received a refund of almost the entire sum of $611 million which was looted by a hacker earlier this week; what remains is the $33 million worth of USDT stolen which Tether froze immediately following the attack. Tether is planning to burn the tokens that remain with the hacker and reissue them to be passed to Poly Network instead of un-freezing the locked assets.

According to encrypted messages included in the Ethereum transactions conducted by the hacker while returning the stolen funds, he maintained that he had not planned to transfer the loot. He went on to claim that he performed the hack ‘for fun’ as it was ‘hot’ to conduct a successful cross-chain hack.

Meanwhile, the company has announced its plans to reward what it states as “white hat behavior” by offering the hacker a bounty of $500,000 for his decision to return the funds stolen. The hacker, however, went on to state that he had no interest in the bounty being offered as well, and will be returning that amount as well.

The DeFi world can rest easy now, knowing that the largest crypto hack till date remained unsuccessful and could not make away with funds. While the hacker’s identity remains unclear so far, according to China-based cybersecurity firm, SlowMist, his details, including email address, IP address and other details have been identified.

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ABOUT THE AUTHOR See More

Aiswarya Gopan

Financial Writer & Editor - Asia & Europe Desk

Aiswarya Gopan is a former cybersecurity analyst, tech journalist and market researcher, who joins FX Leaders with over three years of experience in the blockchain industry. Aiswarya's areas of focus include market news out of the Asian and European markets as well as news coverage on cryptocurrencies.