Hacker returns $260 million in crypto after stealing from Poly Network

NewsAugust 12, 2021

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Decentralized finance (DeFi) platform Poly Network says it has been hacked. Damage was estimated at $613 million in digital currency. However, $260 million in cryptocurrency stolen by hackers was later returned.

 Hacker returns $260 million in crypto after stealing from Poly Network

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Accordingly, after discovering a large amount of stolen property. Poly Network then called on the hackers to return the stolen funds, or else take legal action. It seems that this appeal has initially taken effect. Just a day after the information about the attack was published. Poly Network has received back about $260 million in digital currency. The remaining $353 million is still in the hands of the hackers. Maybe this number will be refunded in the near future.

Poly Network’s service allows users to swap virtual currencies on different blockchains. The attackers took advantage of a loophole in the digital contracts that Poly Network uses to move assets between blockchains.

The hacker group said it only carried out the attack for entertainment purposes. At the same time, it points out the vulnerabilities in the security system of Poly Network. As well as not letting other hackers take advantage. They say they have no intention of seizing digital assets.

However, according to experts, the decision to refund the stolen digital currency may have stemmed from the fact that the hackers could not find a way to launder such a large amount of digital currency.

“Even if you can steal cryptoassets, laundering them and cashing out is extremely difficult, due to the transparency of the blockchain and the broad use of blockchain analytics by financial institutions,” An expert said.

The size of the theft was comparable to the $530 million in digital coins stolen from Tokyo-based exchange Coincheck in 2018. The Mt. Gox exchange, also based in Tokyo, collapsed in 2014 after losing half a billion dollars in bitcoin.

investiki.com

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