Cryptocurrency Heist: Poly Network Says Hacked Funds Returned

The hackers had previously said they did the attack for fun to expose a vulnerability in the platform's digital contracts.

Cryptocurrency Heist: Poly Network Says Hacked Funds Returned

Poly Network is a decentralized finance (DeFi) platform that facilitates peer-to-peer transactions

Highlights
  • Poly Network allows users to swap tokens across different blockchains
  • It offered the hackers a $500,000 (roughly Rs. 3.7 crores) "bug bounty"
  • Poly Network announced the hack on August 10
Advertisement

Cryptocurrency platform Poly Network said on Monday that almost all of the $610 million (roughly Rs. 4,523 crores) stolen this month in one of the biggest crypto heists had now been returned by the unknown person or persons behind the attack.

In a Twitter post, Poly Network said it had regained control of all the assets except for $33 million (roughly Rs. 245 crores) in stablecoin tether that had been frozen by the company that manages it. The network said it was in talks with tether about unfreezing those funds.

The hackers had previously said they did the attack for fun to expose a vulnerability in the platform's digital contracts and it was always their plan to return the tokens. Some blockchain analysts have speculated they just found it too difficult to launder so much stolen cryptocurrency.

A lesser-known name in the world of crypto, Poly Network is a decentralized finance (DeFi) platform that facilitates peer-to-peer transactions with a focus on allowing users to transfer or swap tokens across different blockchains.

Poly Network announced the hack on August 10 but said the perpetrators had started returning the digital coins the following day. The network also offered the hacker or hackers a $500,000 (roughly Rs. 3.7 crores) "bug bounty."

© 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.
Affiliate links may be automatically generated - see our ethics statement for details.
Comments

For the latest tech news and reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.

Further reading: Poly Network, Cryptocurrency, Hackers
Nokia G50 Accidentally Confirmed by the Company on Instagram, Ahead of Official Launch
Facebook Gadgets360 Twitter Share Tweet Snapchat LinkedIn Reddit Comment google-newsGoogle News

Advertisement

Follow Us
© Copyright Red Pixels Ventures Limited 2024. All rights reserved.
Trending Products »
Latest Tech News »