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Hacker Returns Almost All of the Stolen $611 Million to Poly Network

$33 million frozen by Tether remain the only unreturned funds by the hacker that attacked Poly Network.

The hacker has decided to return all the funds exploited from Poly Network, but Tether has to give authorization for the funds to be moved, which is a work in progress.

Paolo Ardoino, Tether CEO stated that the firm is working on unfreezing the funds, but the funds will not be trusted to the hacker to return. Rather, the tokens will be burned prior to being re-released to pass them to Poly Network.

The remainder of the returned amount has been given back to its rightful owner in a span of 2 days. The $256 million returned on Wednesday comprised hefty amounts of BUSD, BTCB, and Ethereum (ETH).

To date, this exploit signifies the most vicious hacker attack of decentralized finance. The hacker was successful in compelling Poly Network to authorize the transaction with which the hacker transferred funds to their account from 3 blockchains.

Supposedly, as SlowMist was closing in on the identity of the hacker, negotiations between them and Poly Network were initiated. In the message exchange through crypto transactions, the hacker promised to return the funds and claimed that he had the capability to steal even more funds from Poly Network. Apparently, the hacker had no intention of keeping the massive amount of stolen funds, but it was a fun job and an opportunity to expose Poly Network as vulnerable. 

Also read: KPMG: in 2021 Cryptocurrency and Blockchain Investments Have Doubled

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