Home Crypto Hackers Return $260M amid the Cyberattack against Poly Network

Hackers Return $260M amid the Cyberattack against Poly Network

Following the largest cyber heist in the historical past of Decentralized Finance (DeFi), an offshoot of blockchain functions by which a complete of $610 million have been stolen by the exploitation of Poly Network, the attacker(s) appears to be having a rethink. As confirmed by the interoperable blockchain protocol, a complete of $260 million has been returned as of 11 Aug 04:18:39 PM +UTC. 

3d illustration of several safes in a bank for storing bitcoin crypto currency

Following the hack which Blockchain.News reported that Poly Network opened a communication line with the hacker, requesting that the stolen funds be returned. As confirmed by the DeFi operator, the returned funds embody a complete of $3.3 million in Ethereum, $256 million in Binance Smart Chain, and $1 million in Polygon.

“I feel this demonstrates that even in the event you can steal cryptoassets, laundering them and cashing out is extraordinarily tough, attributable to the transparency of the blockchain and the use of blockchain analytics,” Tom Robinson, chief scientist of blockchain analytics agency Elliptic, mentioned through e mail as reported by CNBC. “In this case, the hacker concluded that the most secure choice was simply to return the stolen belongings.”

However, an individual claiming to have perpetrated the hack mentioned they did it “for enjoyable” and needed to “expose the vulnerability” earlier than others may exploit it, in line with Reuters, citing digital messages shared by Elliptic, a crypto monitoring agency, and Chainalysis.

With about $269M on Ethereum and $84M on Polygon but to be recovered, many individuals have questioned the security guarantees of the DeFi platform. Over time, cryptocurrency exchanges and blockchain protocols have suffered related mishaps. However, no decentralised finance platform has witnessed a breach of those magnitudes. 

KuCoin suffered a system breach that noticed it lose a complete of $280 million price of cryptocurrencies again in October 2020. The exchanges’ effort to get well the fund was profound, and the agency famous that it had ample proof to identify the attacker. Identifying hackers in a DeFi-based protocol might come off as a bit tougher. However, with the generosity of the Poly Network hacker, the chance of recovering extra funds is excessive.

Image supply: Shutterstock

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