White hacker recovered most of the multi-million dollar crypto assets stolen from Poly Network

The hacker behind the largest theft of over $ 610 million in crypto assets in history has already returned almost all of the recently stolen funds to the Poly Network crypto platform, with the exception of a “small” amount of $ 33 million.

Platform, Until recently not attracting much attention, said that we are talking about a “white” hacker – this is how the “good characters” of modern virtual space are sometimes called, who experimentally reveal vulnerabilities in information systems for free or almost free of charge.

According to Poly Network, the funds returned to the Multisig wallet, jointly controlled by the platform and the hacker. It remains to return 33 million in Tether stablecoins, frozen by the crypto platform of the same name in response to a request from the Poly Network, which at the time of the events did not know that the hacker was “white”.

The person allegedly behind the hack reported that Poly Network had promised a $ 500,000 reward to recover the stolen assets and ensured that the attacker would not be held liable for the incident. In other words, it is possible that both parties to the deal are just putting on a good face when they play badly.

Poly Network, which provides interoperability of various blockchains on its platform, at one time quite plaintively publicly asked Twitter to return the stolen money, interspersed threats with hints of the possibility of “negotiating”. Later, the hacker got in touch, transferring cryptoassets in parts.

An unidentified hacker allegedly exploited a vulnerability in the platform that allows assets to be “transferred” between different blockchains. On Wednesday, a refund began – many cybersecurity experts felt that an attacker found it too difficult to launder stolen cryptocurrency on such a scale. The hacker himself stated that he launched the attack for fun and wanted to pay attention to the vulnerability before real criminals start using it, and the return of tokens was planned.

One way or another, the theft broke a historic record – from January to July, “criminal losses” in the decentralized finance (DeFi) sector worldwide amounted to $ 474 million. According to experts, this case very well demonstrates the risks of DeFi, from which users of any level are not protected.

About the author

Robbie Elmers

Robbie Elmers is a staff writer for Tech News Space, covering software, applications and services.

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