Poly Network confirms that hackers known as “white hats” returned most of the stolen $600 million in crypto tokens | Technology News
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The cryptocurrency platform Poly Network that attacked the target earlier this week said on Thursday that the hackers behind one of the largest digital coin robberies in history have now returned almost all of the more than $610 million they stole.
The platform was little known before the robbery on Tuesday. It declared on Twitter that the hacker was a “white hat hacker”, referring to ethical hackers who usually aim to expose network vulnerabilities after funds are returned.
Poly Network, which facilitates peer-to-peer token transactions, added that the tokens are transferred to a multi-signature wallet controlled by the platform and hackers. [nL1N2PJ22R]
Poly Network stated that the only token that has not yet been returned is the $33 million Tether stablecoin that was frozen by the cryptocurrency company Tether earlier this week.
Poly Network said on Twitter: “The repayment process has not been completed. To ensure the safe recovery of user assets, we hope to maintain communication with Mr. White Hat and convey accurate information to the public.”
According to the digital information shared by chief scientist and co-founder Tom Robinson on Twitter, a person who claimed to have carried out the hack said that Poly Network offered him a $500,000 bounty to return the stolen assets and promised He will not be responsible for this incident. Elliptic is an encrypted tracking company.
Poly Network, which allows users to transfer or exchange tokens across different blockchains, said on Tuesday that it was attacked by cyber looters, urging criminals to return stolen funds.
According to blockchain forensics company Chainalysis, currently unidentified hackers appear to be exploiting vulnerabilities in the digital contracts that Poly Network uses to move assets between different blockchains.
On Wednesday, hackers began to return stolen tokens, leading some blockchain analysts to speculate that they might find it too difficult to launder stolen cryptocurrencies on such a scale.
Late Wednesday, hackers stated in a digital message shared by Elliptic that they launched the attack “for fun” and hoped to “expose the vulnerability” before others take advantage of it, and “always” plan to return the tokens.
However, according to data from the crypto intelligence company CipherTrace, the Poly Network theft at a price of $600 million far exceeded the record of $474 million in criminal cases registered by the entire Decentralized Finance (DeFi) sector between January and July. loss.
Encryption experts say the theft illustrates the risks of most unregulated DeFi departments. The DeFi platform allows users to conduct transactions, usually in cryptocurrency, without the need for traditional gatekeepers such as banks or exchanges.
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