PolyNetwork, the cross-chain Defi protocol that became the victim of the largest Defi hack resulting in funds worth $610 million being stolen has finally received the private key to the remaining fund amounting to near $200 million. PolyNetwork thanked the hacker for returning the remaining funds claiming they are ready for a new “journey.” The protocol had addressed the hacker as “White Hat” and even offered him a job as their chief security officer.
Thank You! We are ready for a new journey.
Poly Network Teamhttps://t.co/djwsVJRXrN
— Poly Network (@PolyNetwork2) August 23, 2021
The hacker also released a note along with the final private key mentioning the “Happy Ending.”
The protocol was hacked on 10th August, where the hacker managed to override permission from the “bookkeepers.” These bookkeepers were responsible for approving cross-chain transactions. The hacker behind the attack managed to move away from funds to three different blockchain wallets of Ethereum, Binance, and Polygon.
The developers of the cross-chain defi project requested hackers to return the fund while threatening legal consequences. A majority of the funds were converted to stablecoins USDC, USDT, and BUSD. Early reports indicated that the hacker tried laundering the money first on Curve protocol but initial transactions failed as Tether blocked USDT transactions from the hacker’s wallet.
The hacker later agreed to return the funds while claiming he could have taken in billions had he decided to transfer other shitcoins. The communication between PolyNetwork and the hacker went on for nearly two weeks where he first returned nearly $400 million worth of assets, while the remaining $200 million were returned today.
PolyNetwork Resumes Cross-Chain Support
The largest Defi Hack that could have proven to be a soar thumb of the highly popular and successful industry has met a happy ending after the hacker returned all the funds. PolyNetwork got into action to get the platform’s functionality back to normal. It resumed cross-chain functionality for a number of tokens after it was shut due to the exploit.
The project now aims for a fresh beginning and promised to enhance its safety measures. The protocol has also unlocked the USDT frozen by Tether and completed the USDC fund recovery. It is to be seen whether the hacker accepts PolyNetwork’s request to join as the chief security advisor.
- Elrond Price Jumps By 9% Over This Announcement
- XRP Holding Better Than Most Altcoins, Here’s Why
- Breaking: Polygon, Major Blockchains Hit With Network Attack
- New Crypto Rules In Europe: A Global Standard For Regulation?
- Third Biggest Whale Adds 1,416 Bitcoins In Last 2 Days; Will This Pump BTC?
- ‘Big Short’ Michael Burry Says Bitcoin Crash Is Only Halfway Through
- These Whales Scoop $850 mln Worth FTX Tokens Ahead Of BlockFi Deal
- Breaking: El Salvador Buys 80 Bitcoin (BTC), Here’s How Prices Reacted
- U.S. DoJ Slaps Charges Against Promoters of Baller Ape Club NFT In Rug Pull Scam
- Canada-based Ledn Challenges FTX’s Bid of BlockFi Acquisition With Better Proposal
- Polygon Price Analysis: V-top Reversal may Direct MATIC to $0.31 Support
- ETH Price Analysis: Is Ethereum Dropping To Three Digits?
- Bitcoin Price Analysis- BTC on Losing Streak Nearing $17800; Will it Hold?
- NEAR Price Analysis: Falling Prices Eye $3 Breakdown; Should Coin Holders Worry?
- SHIB Price Analysis: Sustained Selling may Lead $SHIB to $0.0000074?
- Sandbox Price Analysis: Crashing SAND Prices Warns 25% Downfall
- Solana Price Analysis: $36 Breakdown Teases SOL Price to Revisit $26
- Chainlink Price Analysis: Wedge Pattern could Lead LINK price below to $5
- AAVE Price Analysis: Buyers Need $76.6 Breakout to Trigger Bullish Recovery
- Apecoin Price Analysis: Rising APE Price Knockout Another Barrier; is $6 Next?