Poly Network Hacker Returns Nearly All Stolen Cryptocurrencies

Poly Network, the crypto platform that lost $610 million earlier this week after a major hack, appears to be recovering all stolen crypto. The platform allegedly offered the hacker a $500,000 reward, but the hacker appears to have declined this offer.

Poly Network thanks the hacker in a statement, in which the platform calls the perpetrator an ethical hacker and writes that the hacker is therefore not held liable, the news agency also reports Reuters. Poly Network would also hope that the hacker will continue to cooperate with the crypto sector. After contacting the hacker, Poly Network would have gained “a fuller understanding” of how the situation could have arisen and what the hacker’s intentions were.

The platform then allegedly offered the hacker a “fully legal bug bounty” of $500,000, but Tom Robinson of cryptanalysis company Elliptic writes on Twitter that the hacker will not claim it. The hacker has confirmed that he had received an offer from Poly Network, but would not have responded and “instead” returned all the money. The perpetrator previously indicated that he was not interested in money, but later asked for donations after he or she reported that he or she would refund the full amount.

Messages from Poly Network and the hacker about a possible bug bounty. Images via Tom Robinson on Twitter

In the meantime, the hacker is said to have deposited almost all stolen cryptocurrency into a multisig wallet that falls under the control of the hacker and Poly Network. The hacker cannot return the remaining $33 million in Tether himself, because the creator of that cryptocurrency froze that amount after the hack.

Poly Network will likely get all of the crypto back with this, although according to the platform, the refund process is not yet fully completed. To achieve a full recovery of both assets and cross-chain services, the team will continue to actively communicate with Mr. White Hat to receive the final key. a tweet of the platform.

Poly Network announced the hack on Monday after a hacker managed to steal $610 million worth of cryptocurrency through a vulnerability between contract calls. These included $273 million in Ethereum tokens, $253 million in tokens on the Binance Smart Chain and $85 million in USDC tokens on the Polygon network. At this amount, it would be one of the biggest hacks in the decentralized finance world of all time. The hacker quickly claimed that he or she only wanted to secure the tokens against the vulnerability and would refund the entire amount.

A statement from Poly Network. Image through Twitter