Poly Network hack: $260 million in crypto assets returned
Poly Network hack: $260 million in crypto assets returned

Poly Network hack: $260 million in crypto assets returned

By Stefania Stimolo - 12 Aug 2021

Chevron down
Listen this article

The DeFi platform Poly Network has issued an update on the $600 million crypto-asset hack, stating that $260 million in crypto has been returned directly to the platform

“$260 million (As of 11 Aug 04:18:39 PM +UTC) of assets had been returned:

Ethereum: $3.3M

BSC: $256M

Polygon: $1M

The remainings are $269M on Ethereum, $84M on Polygon”.

One of the biggest hacks in crypto history may perhaps have a happy ending. Just two days after the theft, in fact, the cross-chain protocol that allows transactions between multiple chains, has shared the event on Twitter, the social network of crypto-lovers. 

Now, Poly Network seems to be waiting to receive the equivalent of $353 million in ETH and Polygon again. 

Poly Network hack: how the DeFi platform reacted to the attack

In the hours following the declaration of Poly Network’s hack status, DeFi’s platform decided to react as best it could. 

First, they asked for cooperation from crypto market players, even publicly on Twitter. Paolo Ardoino of Tether, CZ of Binance and Du Jun of Huobi shared their responses. 

Then, in order to communicate directly with the hackers, Poly Network proposed a letter of its own, also published on social. 

“Dear hacker, we want to establish communication with you and urge you to return the hacked assets. The amount of money you hacked is the biggest one in the defi history. Law enforcement in any country will regard this as a major economic crime and you will be pursued. It is very unwise for you to do any further transactions. The money you stole are from tens of thousands of crypto community members, hence the people”.

The hackers who then decided to return the stolen cryptocurrencies reportedly commented that they carried out the attack for fun and to expose the vulnerability before others did. Not only that, the hacker reportedly claimed that the plan to return his stolen money was already premeditated, as he is not very interested in money. 

In this regard, Tom Robinson, co-founder of Elliptic, reportedly commented:

“Even if you can steal cryptoassets, laundering them and cashing out is extremely difficult, due to the transparency of the blockchain and the broad use of blockchain analytics by financial institutions”.

Stefania Stimolo

Graduated in Marketing and Communication, Stefania is an explorer of innovative opportunities. She started out as a Sales Assistant for e-commerce, and in 2016 she began to develop a passion for the digital world, initially in the Network Marketing sector, where she discovered and became passionate about the ideals behind Bitcoin and Blockchain technology, which lead her to work as a copywriter and translator for ICO projects and blogs, and organize introductory courses.

We use cookies to make sure you can have the best experience on our site. If you continue to use this site we will assume that you are happy with it.