Cryptocurrency Heist: Over Half of Tokens Stolen in $610 Million Hack Now Returned, Poly Network Says

Poly Network tweeted that even after the returns, an amount $353 million (roughly Rs. 2,620 crores) was still outstanding.

Cryptocurrency Heist: Over Half of Tokens Stolen in $610 Million Hack Now Returned, Poly Network Says

The hackers exploited a vulnerability in the digital contracts Poly Network uses to move assets

  • Poly Network is a decentralised finance platform
  • It was "always the plan" to return the tokens
  • The hackers or hacker have not been identified

Hackers behind one of the biggest ever digital coin heists have now returned over half of the $610 million (roughly Rs. 4,530 crores) -plus they stole, the cryptocurrency platform targeted by the hack said on Thursday.

Poly Network, a platform that facilitates peer-to-peer transactions, said on Twitter that hackers had returned $342 million (roughly Rs. 2,540 crores) of the currencies stolen.

Some $268 million (roughly Rs. 1,990 crores) worth of tokens are still outstanding, it said.

Poly Network, which allows users to transfer or swap tokens across different blockchains, said on Tuesday it had been hit by the cyberheists, urging the culprits to return the stolen funds.

The theft illustrated the risks of the mostly unregulated decentralised finance (DeFi) sector. DeFi platforms allow users to conduct transactions, usually in cryptocurrency, without traditional gatekeepers such as banks or exchanges.

The Poly Network hacker or hackers, who have not been identified, started returning the stolen coins on Wednesday. Blockchain analysts said they might have found it too difficult to launder stolen cryptocurrency on such a scale.

Poly Network emailed Reuters a copy of its tweet in response to a request for further details of the latest return.

It did not immediately respond to questions on where it is based, or whether any law enforcement agency was involved. According to the crypto website CoinDesk, Poly Network was launched by the founders of the Chinese blockchain project Neo.

© Thomson Reuters 2021

Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.

Cryptocurrency Prices across Indian exchanges


For the latest tech news and reviews, follow Gadgets 360 on Twitter, Facebook, and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel.

Reddit Was Down For an Hour Today Before a Fix Was Done
ISRO Suffers Setback in GISAT-1 Satellite Mission After Technical Anomaly
Share on Facebook Tweet Snapchat Share Reddit Comment



© Copyright Red Pixels Ventures Limited 2022. All rights reserved.