Poly Network Confirms It Has Recovered All Stolen Cryptocurrencies

Crypto platform Poly Network confirms that it has recovered all stolen cryptocurrencies from a hacker. Earlier this month, the platform lost more than $600 million in a major hack, after which the hacker promised to return the stolen cryptocurrency.

Poly Network claims it has regained control of the $610 million in stolen cryptocurrencies. The platform wrote this in a tweet that has since been deleted, Reuters news agency also reported. The platform has not yet received the $33 million worth of Tether because the creator of that cryptocurrency has frozen those stolen tokens. Tether is currently in the process of returning the tokens to Poly Network.

In a blog post, the platform confirms that the hacker who stole the cryptocurrency earlier this month provided Poly Network with the private key for a multi-signature crypto wallet on Monday. With that, the platform has the last 29,953 Ethereum tokens and 1032 WBTC tokens under its own management. “At this point, all assets transferred during the incident have been fully recovered,” the platform said. The full functionality of Poly Network should gradually be resumed.

Poly Network is a DeFi crypto platform that enables peer-to-peer cryptocurrency transactions between different blockchains. The platform was hacked on August 10, with an unknown hacker stealing more than $600 million in cryptocurrency. This was possible due to a vulnerability in the contract calls for transactions.

The hacker claimed that he or she only wanted to secure the tokens against the vulnerability and would refund the entire amount. More than a week ago, it turned out that the hacker had deposited almost all the stolen cryptocurrencies on a multisig wallet, although Poly Network did not yet manage the tokens in-house at that time. That was because the platform did not yet have the private key of the wallet at that time, which changed on Monday.

Image via Poly Network