Tuesday, December 5
After the Poly Network hack the hackers returned nearly all $610M in stolen assets
Poly Network hack

What exactly happened?

One of the largest cryptocurrency thefts in history’ the poly network hack has turned into an oddball, as the desperado or desperados returned nearly all $610 million in assets to victim Poly Network. The decentralized finance platform Poly Network was hacked recently and an estimated $610 million in crypto was robbed.  Seems that the company has requested the attacker or attackers, urging them to return the funds and avoid prosecution. The theft contained bitcoin, ether, Shiba Inu, tether, and more.

The supposed hacker or hackers has returned $260 million in assets on Wednesday, along with another batch of returns, which brought the amount to $342 million on Thursday. Friday, the majority of the assets were returned to Poly Network, however, $268 million in assets are presently in an account that can only be accessed with keys from the company and the hacker. 

Another $33 million lay in tethers as they are also outstanding, as the funds were frozen in an attempt to recover the stolen tokens. The hacker or hackers sent an embedded message in a cryptocurrency transaction saying the final key would be provided when _everyone_ is ready, as reported by CNBC. 

What was the motive behind the poly network hack?

 Communications were being carried out via a blockchain account that was involved in the heist, the hacker or hackers claim that the end goal is to just expose the vulnerabilities in Poly Network’s systems. The plan was always to return the money, say the hacker or hackers. 

As per reports, Poly Network has offered a $500,000 “bug bounty” to the hacker, which is classified as Mr. White Hat to aid the company to refine its security. As per Poly Network, he has accepted the bounty as well as agreed to help them improve Poly Network’s security and hopes that he will help contribute to the blockchain sector’s continued development.  

As per analysts “Mr. White Hat” could’ve changed his decision as the stolen assets are difficult to liquidate, due to the relatively transparent nature of blockchain technology on which cryptocurrencies are built. The firm allows customers to transfer assets from one blockchain to another, among other services. 

If you liked this article (or if it helped at all), please leave us a comment below or share it with friends, so they can also know about the biggest heist in recency. 

Avatar photo

Aah, I see you’re here now, looks like I finally managed to capture your attention. If you’ve come all the way here then why don’t you follow my social accounts, so that you can be on this journey with me? Say what?

Comments are closed.